Birch Hill Investment Advisors LLC Has $9.28 Million Holdings in Bank of America Co. (NYSE:BAC)

Birch Hill Investment Advisors LLC decreased its holdings in Bank of America Co. (NYSE:BAC) by 18.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 222,425 shares of the financial services provider’s stock after selling 50,293 shares during the quarter. Birch Hill Investment Advisors LLC’s holdings in Bank of America were worth $9,282,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the stock. Norges Bank acquired a new position in shares of Bank of America in the fourth quarter worth approximately $5,226,989,000. Capital World Investors raised its holdings in Bank of America by 23.9% during the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock worth $3,876,853,000 after purchasing an additional 17,031,143 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Bank of America by 10.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock worth $5,381,126,000 after purchasing an additional 11,691,451 shares during the period. Amundi boosted its stake 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 valued at $1,747,658,000 after purchasing an additional 10,231,001 shares during the last quarter. Finally, Northern Trust Corp boosted its stake 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 valued at $2,985,785,000 after purchasing an additional 9,980,859 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Performance

Shares of BAC opened at $44.40 on Tuesday. The stock has a 50 day moving average of $41.69 and a 200 day moving average of $43.34. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 12 month low of $33.07 and a 12 month high of $48.08. The company has a market capitalization of $334.39 billion, a price-to-earnings ratio of 13.79, a PEG ratio of 1.21 and a beta of 1.30.

Bank of America (NYSE:BAC) last posted its quarterly earnings results 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. The company had revenue of $27.37 billion during 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%. As a group, 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 business 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. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.34%. Bank of America’s dividend payout ratio (DPR) is 30.95%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Piper Sandler decreased their price target on Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a report on Wednesday, April 16th. Argus lowered their target price on Bank of America from $53.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. Barclays dropped their price target on Bank of America from $58.00 to $54.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. The Goldman Sachs Group raised their price objective 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, June 10th. Finally, Citigroup dropped their price objective on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, March 24th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have issued a buy rating and four have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target 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.