First Citizens Financial Corp Purchases 1,204 Shares of Bank of America Corp (NYSE:BAC)

First Citizens Financial Corp increased its position in Bank of America Corp (NYSE:BAC) by 7.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,400 shares of the financial services provider’s stock after acquiring an additional 1,204 shares during the quarter. First Citizens Financial Corp’s holdings in Bank of America were worth $390,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Truewealth LLC boosted its position in shares of Bank of America by 1.4% in the second quarter. Truewealth LLC now owns 29,756 shares of the financial services provider’s stock valued at $707,000 after acquiring an additional 412 shares during the period. Capital Square LLC boosted its position in shares of Bank of America by 4.8% in the first quarter. Capital Square LLC now owns 9,617 shares of the financial services provider’s stock valued at $204,000 after acquiring an additional 443 shares during the period. Cypress Wealth Services LLC boosted its position in shares of Bank of America by 2.7% in the second quarter. Cypress Wealth Services LLC now owns 17,077 shares of the financial services provider’s stock valued at $406,000 after acquiring an additional 449 shares during the period. Game Plan Financial Advisors LLC boosted its position in shares of Bank of America by 3.3% in the first quarter. Game Plan Financial Advisors LLC now owns 14,160 shares of the financial services provider’s stock valued at $300,000 after acquiring an additional 450 shares during the period. Finally, Bridgeworth LLC boosted its position in shares of Bank of America by 3.0% in the first quarter. Bridgeworth LLC now owns 16,228 shares of the financial services provider’s stock valued at $345,000 after acquiring an additional 467 shares during the period. Institutional investors own 68.99% of the company’s stock.

In related news, major shareholder Berkshire Hathaway Inc acquired 16,424,366 shares of Bank of America stock in a transaction on Monday, July 27th. The shares were acquired at an average cost of $24.22 per share, with a total value of $397,798,144.52. Over the last three months, insiders have acquired 71,507,705 shares of company stock worth $1,733,226,720. Insiders own 0.20% of the company’s stock.

BAC has been the subject of several research analyst reports. Piper Sandler dropped their target price on shares of Bank of America from $40.00 to $27.00 and set an “overweight” rating for the company in a research report on Friday, April 3rd. Wells Fargo & Co lowered shares of Bank of America to a “sell” rating in a report on Friday, July 10th. DA Davidson lowered shares of Bank of America from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $27.00 to $25.00 in a report on Thursday, July 9th. BMO Capital Markets lowered their price objective on shares of Bank of America from $26.00 to $24.00 and set a “market perform” rating for the company in a report on Thursday, April 16th. Finally, Oppenheimer boosted their price objective on shares of Bank of America from $30.00 to $33.00 and gave the stock an “outperform” rating in a report on Thursday, April 16th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and thirteen have assigned a buy rating to the stock. Bank of America currently has a consensus rating of “Hold” and an average price target of $29.47.

Bank of America stock traded up $0.04 during mid-day trading on Friday, reaching $24.88. 62,039,245 shares of the company traded hands, compared to its average volume of 60,672,532. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.93 and a quick ratio of 0.92. The firm’s 50 day moving average price is $24.13 and its 200 day moving average price is $26.12. The firm has a market capitalization of $215.85 billion, a price-to-earnings ratio of 12.02, a P/E/G ratio of 2.24 and a beta of 1.59. Bank of America Corp has a 52-week low of $17.95 and a 52-week high of $35.72.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Thursday, July 16th. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.09. The business had revenue of $22.30 billion for the quarter, compared to the consensus estimate of $21.71 billion. Bank of America had a net margin of 19.09% and a return on equity of 9.11%. The company’s quarterly revenue was down 3.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.74 EPS. On average, sell-side analysts anticipate that Bank of America Corp will post 1.59 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 4th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.89%. The ex-dividend date is Thursday, September 3rd. Bank of America’s payout ratio is currently 24.49%.

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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