Bank of America Corporation $BAC Shares Acquired by Adage Capital Partners GP L.L.C.

Adage Capital Partners GP L.L.C. lifted its position in Bank of America Corporation (NYSE:BAC) by 9.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,376,673 shares of the financial services provider’s stock after acquiring an additional 638,400 shares during the period. Bank of America accounts for 0.6% of Adage Capital Partners GP L.L.C.’s holdings, making the stock its 25th largest position. Adage Capital Partners GP L.L.C. owned about 0.10% of Bank of America worth $349,064,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Quaker Wealth Management LLC boosted its stake in Bank of America by 246.5% during the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 880 shares during the last quarter. Nova Wealth Management Inc. boosted its position in Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 227 shares during the last quarter. RMG Wealth Management LLC purchased a new stake in Bank of America during the 2nd quarter valued at about $28,000. CGC Financial Services LLC raised its holdings in Bank of America by 585.4% in the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 521 shares during the last quarter. Finally, Wealth Preservation Advisors LLC lifted its stake in Bank of America by 48.7% in the 2nd quarter. Wealth Preservation Advisors LLC now owns 681 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 223 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Up 1.1%

Shares of NYSE:BAC opened at $55.14 on Friday. The company has a market capitalization of $402.66 billion, a price-to-earnings ratio of 15.02 and a beta of 1.30. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $55.30. The business has a 50-day moving average price of $52.39 and a 200 day moving average price of $49.45. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

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

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.0%. The ex-dividend date is Friday, December 5th. Bank of America’s dividend payout ratio (DPR) is 30.52%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Ameriprise Financial raised Bank of America to a “buy” rating in a report on Wednesday, October 22nd. Evercore ISI upped their target price on Bank of America from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Thursday, October 16th. Deutsche Bank Aktiengesellschaft lifted their price target on Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, September 30th. Truist Financial upped their price objective on shares of Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, September 23rd. Finally, Wolfe Research raised their price objective on shares of Bank of America from $57.00 to $58.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 7th. Twenty-three research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $57.86.

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.