American National Bank & Trust Has $1.13 Million Stock Position in Bank of America Co. (NYSE:BAC)

American National Bank & Trust raised its stake in Bank of America Co. (NYSE:BAC) by 2.2% during the 1st quarter, Holdings Channel reports. The fund owned 26,989 shares of the financial services provider’s stock after acquiring an additional 580 shares during the period. American National Bank & Trust’s holdings in Bank of America were worth $1,126,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of BAC. Norges Bank bought a new position in shares of Bank of America during the fourth quarter worth approximately $5,226,989,000. Capital World Investors grew its holdings in Bank of America by 23.9% in the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock valued at $3,876,853,000 after buying an additional 17,031,143 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Bank of America by 10.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock valued at $5,381,126,000 after buying an additional 11,691,451 shares in the last quarter. Amundi increased its position in Bank of America by 37.1% during the 4th quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock worth $1,747,658,000 after buying an additional 10,231,001 shares during the period. Finally, Northern Trust Corp lifted its holdings in shares of Bank of America by 17.2% during the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock worth $2,985,785,000 after buying an additional 9,980,859 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of BAC stock opened at $44.14 on Friday. Bank of America Co. has a twelve month low of $33.07 and a twelve month high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The business has a fifty day simple moving average of $40.46 and a 200 day simple moving average of $43.54. The company has a market cap of $332.46 billion, a P/E ratio of 13.71, a P/E/G ratio of 1.21 and a beta of 1.27.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. On average, sell-side analysts forecast that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.36%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s payout ratio is 30.95%.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of recent research reports. Piper Sandler reduced their target price on shares of Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a research report on Wednesday, April 16th. Barclays cut their price objective on shares of Bank of America from $58.00 to $54.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Cfra Research increased their target price on shares of Bank of America to $47.00 and gave the stock a “buy” rating in a research report on Wednesday, April 16th. Cowen started coverage on shares of Bank of America in a research report on Wednesday, May 14th. They issued a “buy” rating for the company. Finally, TD Cowen initiated coverage on Bank of America in a research note on Thursday, May 15th. They issued a “buy” rating and a $53.00 price target for the company. Two analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have assigned a buy rating and four have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $47.50.

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.