Bank of America Co. (NYSE:BAC) Holdings Decreased by Morton Capital Management LLC CA

Morton Capital Management LLC CA trimmed its position in Bank of America Co. (NYSE:BAC) by 5.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 11,716 shares of the financial services provider’s stock after selling 691 shares during the quarter. Morton Capital Management LLC CA’s holdings in Bank of America were worth $489,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Graney & King LLC bought a new stake in shares of Bank of America in the 4th quarter valued at approximately $25,000. Fairway Wealth LLC bought a new stake in Bank of America in the fourth quarter valued at $29,000. Vega Investment Solutions acquired a new position in shares of Bank of America during the fourth quarter valued at $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in shares of Bank of America during the fourth quarter worth about $31,000. Finally, Spurstone Advisory Services LLC acquired a new stake in shares of Bank of America in the 4th quarter worth about $34,000. 70.71% of the stock is currently owned by institutional investors.

Bank of America Trading Down 1.3%

Bank of America stock opened at $44.04 on Friday. 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 company has a market capitalization of $331.67 billion, a price-to-earnings ratio of 13.68, a PEG ratio of 1.21 and a beta of 1.30. Bank of America Co. has a one year low of $33.07 and a one year high of $48.08. The company’s fifty day moving average price is $41.50 and its two-hundred day moving average price is $43.39.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.10. The company 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 forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

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 issued a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.36%. Bank of America’s payout ratio is presently 30.95%.

Analysts Set New Price Targets

A number of research analysts have issued reports on BAC shares. Barclays reduced their target price on shares of Bank of America from $58.00 to $54.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Truist Financial decreased their price objective on Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. JPMorgan Chase & Co. lowered their target price on shares of Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a research note on Thursday, April 3rd. 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 note on Wednesday, April 16th. Finally, UBS Group raised their price objective on shares of Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have given a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $47.69.

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.