GoodHaven Capital Management LLC Has $19.40 Million Stake in Bank of America Co. (NYSE:BAC)

GoodHaven Capital Management LLC decreased its stake in shares of Bank of America Co. (NYSE:BAC) by 1.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 464,829 shares of the financial services provider’s stock after selling 5,532 shares during the quarter. Bank of America comprises about 6.6% of GoodHaven Capital Management LLC’s investment portfolio, making the stock its 5th biggest holding. GoodHaven Capital Management LLC’s holdings in Bank of America were worth $19,397,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently modified their holdings of the company. Norges Bank purchased a new stake in shares of Bank of America during the fourth quarter valued at approximately $5,226,989,000. Capital World Investors lifted its position 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 acquiring an additional 17,031,143 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Bank of America by 10.6% during 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 purchasing an additional 11,691,451 shares during the last quarter. Amundi increased its holdings in shares of Bank of America by 37.1% in the 4th quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock worth $1,747,658,000 after purchasing an additional 10,231,001 shares in the last quarter. Finally, Northern Trust Corp increased its holdings in shares of Bank of America by 17.2% in the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock worth $2,985,785,000 after purchasing an additional 9,980,859 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on BAC. Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. Truist Financial dropped their price target on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. Oppenheimer reissued an “outperform” rating on shares of Bank of America in a report on Thursday, May 22nd. Royal Bank of Canada lowered their price objective on shares of Bank of America from $50.00 to $45.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 16th. Finally, Piper Sandler dropped their target price on shares of Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a report on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, seventeen have given a buy rating and four have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $47.50.

Bank of America Stock Performance

Shares of BAC opened at $45.01 on Monday. The business has a 50-day simple moving average of $40.71 and a two-hundred day simple moving average of $43.46. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 52 week low of $33.07 and a 52 week high of $48.08. The stock 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 announced 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. The firm had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. On average, analysts expect that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

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

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.