Capital Investment Advisors LLC Has $21.62 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Capital Investment Advisors LLC reduced its stake in Bank of America Co. (NYSE:BAC) by 2.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 518,054 shares of the financial services provider’s stock after selling 10,600 shares during the period. Capital Investment Advisors LLC’s holdings in Bank of America were worth $21,618,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Collier Financial acquired a new position in Bank of America during the fourth quarter worth about $25,000. Life Planning Partners Inc boosted its holdings in shares of Bank of America by 3,883.2% during the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after buying an additional 545,936 shares in the last quarter. Graney & King LLC acquired a new position in shares of Bank of America during the fourth quarter valued at about $25,000. Fairway Wealth LLC acquired a new stake in Bank of America in the 4th quarter valued at $29,000. Finally, Vega Investment Solutions bought a new stake in Bank of America during the 4th quarter worth approximately $30,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 1.4%

Bank of America stock opened at $45.01 on Friday. The stock’s fifty day moving average is $40.71 and its two-hundred day moving average is $43.48. The firm has a market capitalization of $339.01 billion, a price-to-earnings ratio of 13.98, a price-to-earnings-growth ratio of 1.21 and a beta of 1.30. Bank of America Co. has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78.

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 for the quarter, beating the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be paid 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 dividend payout ratio (DPR) is presently 30.95%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on BAC shares. Argus reduced their price target on shares of Bank of America from $53.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. Wall Street Zen cut Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. Royal Bank of Canada dropped their price target on shares of Bank of America from $50.00 to $45.00 and set an “outperform” rating for the company in a research report on Wednesday, April 16th. Piper Sandler dropped 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. Finally, Keefe, Bruyette & Woods dropped their price target on Bank of America from $55.00 to $52.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have assigned a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average 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.