Stock Yards Bank & Trust Co. Cuts Stock Position in Bank of America Co. (NYSE:BAC)

Stock Yards Bank & Trust Co. reduced its position in Bank of America Co. (NYSE:BAC) by 7.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 59,577 shares of the financial services provider’s stock after selling 4,738 shares during the period. Stock Yards Bank & Trust Co.’s holdings in Bank of America were worth $2,486,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of BAC. Life Planning Partners Inc grew its position in shares of Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 545,936 shares in the last quarter. Graney & King LLC purchased a new position in shares of Bank of America during the fourth quarter valued at approximately $25,000. Fairway Wealth LLC purchased a new position in shares of Bank of America during the fourth quarter valued at approximately $29,000. Vega Investment Solutions bought a new stake in shares of Bank of America during the fourth quarter valued at approximately $30,000. Finally, Marshall & Sterling Wealth Advisors Inc. bought a new position in Bank of America in the fourth quarter worth approximately $31,000. 70.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on BAC shares. Argus reduced their price target on Bank of America from $53.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Citigroup decreased their price target on Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, March 24th. Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and increased their target price for the company from $45.00 to $50.00 in a report on Friday, March 7th. Truist Financial decreased their target price 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, Royal Bank of Canada reduced their price objective 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. Two analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have assigned a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $47.69.

Bank of America Stock Down 1.3%

Shares of NYSE:BAC opened at $44.04 on Friday. Bank of America Co. has a one year low of $33.07 and a one year high of $48.08. The company has a 50 day moving average of $41.50 and a 200-day moving average of $43.42. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The stock has a market cap of $331.67 billion, a price-to-earnings ratio of 13.68, a P/E/G ratio of 1.21 and a beta of 1.30.

Bank of America (NYSE:BAC) last announced its quarterly 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 for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. On average, sell-side analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

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 given a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.36%. Bank of America’s dividend payout ratio 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.