Gemmer Asset Management LLC Reduces Position in Bank of America Co. (NYSE:BAC)

Gemmer Asset Management LLC decreased its position in Bank of America Co. (NYSE:BAC) by 4.2% during the first quarter, Holdings Channel reports. The fund owned 12,633 shares of the financial services provider’s stock after selling 550 shares during the period. Gemmer Asset Management LLC’s holdings in Bank of America were worth $527,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the company. Geode Capital Management LLC lifted its holdings in Bank of America by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider’s stock valued at $6,243,000,000 after acquiring an additional 2,033,229 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in Bank of America by 10.6% in the fourth 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 acquiring an additional 11,691,451 shares during the period. Norges Bank bought a new position in Bank of America in the fourth quarter valued at about $5,226,989,000. Capital World Investors raised its stake in shares of Bank of America by 23.9% in the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock worth $3,876,853,000 after buying an additional 17,031,143 shares during the period. Finally, Northern Trust Corp raised its stake in shares of Bank of America by 17.2% in 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 during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

NYSE:BAC opened at $45.01 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08. The stock’s 50 day simple moving average is $40.71 and its two-hundred day simple moving average is $43.50. The company has a market cap of $339.01 billion, a price-to-earnings ratio of 13.98, a PEG ratio of 1.21 and a beta of 1.30.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. As a group, equities analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date is Friday, June 6th. Bank of America’s payout ratio is 30.95%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Cfra Research raised their price objective on Bank of America to $47.00 and gave the stock a “buy” rating in a research note on Wednesday, April 16th. Piper Sandler decreased their price objective on Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 16th. Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. Oppenheimer reaffirmed an “outperform” rating on shares of Bank of America in a research note on Thursday, May 22nd. Finally, Barclays decreased their price objective on Bank of America from $58.00 to $54.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have assigned a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and an average target price 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.