Grimes & Company Inc. Sells 5,520 Shares of Bank of America Co. (NYSE:BAC)

Grimes & Company Inc. cut its stake in Bank of America Co. (NYSE:BAC) by 2.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 273,385 shares of the financial services provider’s stock after selling 5,520 shares during the period. Grimes & Company Inc.’s holdings in Bank of America were worth $11,408,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Geode Capital Management LLC grew its holdings in shares of Bank of America by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider’s stock worth $6,243,000,000 after purchasing an additional 2,033,229 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Bank of America by 10.6% during 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 acquiring an additional 11,691,451 shares in the last quarter. Norges Bank bought a new position in Bank of America during the 4th quarter worth about $5,226,989,000. Capital World Investors grew 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 acquiring an additional 17,031,143 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in Bank of America by 17.2% during the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock worth $2,985,785,000 after acquiring an additional 9,980,859 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Price Performance

Bank of America stock opened at $44.40 on Tuesday. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The company’s fifty day moving average price is $41.69 and its 200 day moving average price is $43.34. The stock has a market capitalization of $334.39 billion, a P/E ratio of 13.79, a P/E/G ratio of 1.21 and a beta of 1.30.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company had revenue of $27.37 billion for the quarter, compared to analysts’ expectations of $26.83 billion. As a group, equities research analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company 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. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.34%. Bank of America’s payout ratio is 30.95%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Phillip Securities upgraded shares of Bank of America from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, April 17th. Baird R W upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. Piper Sandler dropped their target price on shares of Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a report on Wednesday, April 16th. Evercore ISI decreased their price target on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a research report on Tuesday, April 1st. Finally, Cowen began coverage on shares of Bank of America in a research report on Wednesday, May 14th. They set a “buy” rating for the company. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have issued a buy rating and four have given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $47.69.

Bank of America Company 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.