Bank of America Co. (NYSE:BAC) Stake Lessened by Northeast Investment Management

Northeast Investment Management trimmed its holdings in shares of Bank of America Co. (NYSE:BAC) by 0.2% in the first quarter, HoldingsChannel reports. The institutional investor owned 153,897 shares of the financial services provider’s stock after selling 283 shares during the quarter. Northeast Investment Management’s holdings in Bank of America were worth $6,422,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. My Legacy Advisors LLC lifted its position in Bank of America by 8.0% in the 1st quarter. My Legacy Advisors LLC now owns 12,006 shares of the financial services provider’s stock worth $501,000 after buying an additional 891 shares in the last quarter. Curbstone Financial Management Corp raised its holdings in shares of Bank of America by 6.2% during the 1st quarter. Curbstone Financial Management Corp now owns 24,704 shares of the financial services provider’s stock valued at $1,031,000 after purchasing an additional 1,450 shares in the last quarter. Alhambra Investment Management LLC raised its holdings in Bank of America by 13.4% in the 1st quarter. Alhambra Investment Management LLC now owns 8,408 shares of the financial services provider’s stock worth $351,000 after acquiring an additional 994 shares during the period. MV Capital Management Inc. raised its holdings in Bank of America by 22.9% in the 1st quarter. MV Capital Management Inc. now owns 15,611 shares of the financial services provider’s stock worth $651,000 after acquiring an additional 2,905 shares during the period. Finally, Franklin Street Advisors Inc. NC raised its holdings in Bank of America by 2.6% in the 1st quarter. Franklin Street Advisors Inc. NC now owns 10,975 shares of the financial services provider’s stock worth $458,000 after acquiring an additional 278 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

BAC has been the topic of several research analyst reports. Cfra Research raised their price target on shares of Bank of America to $47.00 and gave the stock a “buy” rating in a research report on Wednesday, April 16th. Oppenheimer restated an “outperform” rating on shares of Bank of America in a research report on Thursday, May 22nd. The Goldman Sachs Group upped their target price on shares of Bank of America from $46.00 to $52.00 and gave the stock a “buy” rating in a research report on Tuesday. Truist Financial dropped their price target on shares of 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. Finally, Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have given a buy rating and four have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $47.69.

Bank of America Trading Up 0.5%

NYSE BAC opened at $45.11 on Wednesday. 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 twelve month low of $33.07 and a twelve month high of $48.08. The company has a market cap of $339.73 billion, a price-to-earnings ratio of 14.01, a price-to-earnings-growth ratio of 1.21 and a beta of 1.30. The business’s fifty day moving average is $40.93 and its 200 day moving average is $43.46.

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. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. As a group, sell-side analysts expect that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.31%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is 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.