InTrack Investment Management Inc Sells 14,625 Shares of Bank of America Co. (NYSE:BAC)

InTrack Investment Management Inc reduced its position in shares of Bank of America Co. (NYSE:BAC) by 45.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,448 shares of the financial services provider’s stock after selling 14,625 shares during the quarter. InTrack Investment Management Inc’s holdings in Bank of America were worth $728,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Graney & King LLC acquired a new position in Bank of America during the fourth quarter worth approximately $25,000. Collier Financial acquired a new position in shares of Bank of America in the fourth quarter valued at $25,000. Fairway Wealth LLC bought a new position in Bank of America in the 4th quarter valued at about $29,000. Vega Investment Solutions acquired a new position in shares of Bank of America in the fourth quarter valued at approximately $30,000. Finally, Marshall & Sterling Wealth Advisors Inc. bought a new position in shares of Bank of America during the fourth quarter worth approximately $31,000. Institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on BAC. Truist Financial reduced their price target on Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Barclays reduced their target price on Bank of America from $58.00 to $54.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. The Goldman Sachs Group boosted their price target on Bank of America from $46.00 to $52.00 and gave the company a “buy” rating in a research note on Tuesday. Evercore ISI reduced their price objective on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 1st. Finally, Argus decreased their target price on shares of Bank of America from $53.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have given a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $47.69.

Bank of America Price Performance

Bank of America stock opened at $45.11 on Wednesday. The stock has a market cap of $339.73 billion, a P/E ratio of 14.01, a P/E/G ratio of 1.21 and a beta of 1.30. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The company’s 50 day moving average price is $40.93 and its two-hundred day moving average price is $43.46. Bank of America Co. has a 52 week low of $33.07 and a 52 week high of $48.08.

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

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be given 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 is presently 30.95%.

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.