Bank of New Hampshire Cuts Stake in Bank of America Co. (NYSE:BAC)

Bank of New Hampshire lowered its holdings in shares of Bank of America Co. (NYSE:BAC) by 1.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 89,040 shares of the financial services provider’s stock after selling 1,651 shares during the quarter. Bank of America makes up 1.0% of Bank of New Hampshire’s portfolio, making the stock its 28th biggest holding. Bank of New Hampshire’s holdings in Bank of America were worth $3,716,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Bank of America by 4.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider’s stock worth $173,168,000 after purchasing an additional 173,021 shares in the last quarter. OFI Invest Asset Management bought a new position in Bank of America during the fourth quarter valued at approximately $60,679,000. Arizona State Retirement System boosted its stake in Bank of America by 0.5% during the fourth quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider’s stock valued at $89,150,000 after buying an additional 10,377 shares during the last quarter. Gradient Investments LLC boosted its stake in Bank of America by 7.8% during the first quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider’s stock valued at $29,061,000 after buying an additional 50,296 shares during the last quarter. Finally, Keybank National Association OH boosted its stake in Bank of America by 1.1% during the fourth quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock valued at $152,006,000 after buying an additional 38,258 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 1.4%

Shares of NYSE:BAC opened at $45.01 on Friday. Bank of America Co. has a 12-month low of $33.07 and a 12-month high of $48.08. The business’s fifty day simple moving average is $40.71 and its 200-day simple moving average is $43.48. The company has a market capitalization of $339.01 billion, a PE ratio of 13.98, a P/E/G ratio of 1.21 and a beta of 1.30. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

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

Bank of America Announces Dividend

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

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Citigroup dropped their price target on Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a research note on Monday, March 24th. Truist Financial dropped their price target on Bank of America from $50.00 to $47.00 and set a “buy” rating for the company 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 target for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. Piper Sandler reduced their price objective on Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a report on Wednesday, April 16th. Finally, Wall Street Zen downgraded Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have given a buy rating and four have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $47.50.

About Bank of America

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.