Berry Wealth Group LP Invests $220,000 in Bank of America Corporation $BAC

Berry Wealth Group LP acquired a new position in shares of Bank of America Corporation (NYSE:BAC) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 4,651 shares of the financial services provider’s stock, valued at approximately $220,000.

Other large investors have also modified their holdings of the company. Nova Wealth Management Inc. raised its position in Bank of America by 75.2% in the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 227 shares during the last quarter. Quaker Wealth Management LLC increased its stake in Bank of America by 246.5% in the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 880 shares during the period. RMG Wealth Management LLC purchased a new stake in shares of Bank of America in the second quarter valued at about $28,000. CGC Financial Services LLC boosted its stake in shares of Bank of America by 585.4% during the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after buying an additional 521 shares during the period. Finally, Acima Private Wealth LLC acquired a new stake in shares of Bank of America during the second quarter worth about $33,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. UBS Group increased their price target on Bank of America from $55.00 to $57.00 and gave the stock a “buy” rating in a report on Tuesday, October 7th. Ameriprise Financial upgraded shares of Bank of America to a “buy” rating in a research note on Wednesday, October 22nd. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Piper Sandler increased their price target on shares of Bank of America from $50.00 to $55.00 and gave the stock a “neutral” rating in a report on Thursday, October 16th. Finally, Truist Financial raised their price objective on shares of Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a research report on Tuesday, September 23rd. Twenty-three equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.77.

Bank of America Trading Up 1.3%

Shares of BAC opened at $53.70 on Friday. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $54.69. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm has a market capitalization of $392.11 billion, a P/E ratio of 14.63, a PEG ratio of 1.99 and a beta of 1.34. The firm’s 50-day moving average is $51.90 and its two-hundred day moving average is $48.76.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. The company had revenue of $5.35 billion during the quarter, compared to the consensus estimate of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The company’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same period last year, the firm earned $0.81 EPS. On average, research analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.12 annualized dividend and a yield of 2.1%. Bank of America’s dividend payout ratio is 30.52%.

Bank of America Profile

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.