ERn Financial LLC Lowers Holdings in Bank of America Corporation (NYSE:BAC)

ERn Financial LLC lowered its position in shares of Bank of America Corporation (NYSE:BAC) by 1.4% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 21,663 shares of the financial services provider’s stock after selling 316 shares during the quarter. ERn Financial LLC’s holdings in Bank of America were worth $904,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Graney & King LLC purchased a new position in shares of Bank of America during the 4th quarter valued at approximately $25,000. Fairway Wealth LLC bought a new position in Bank of America during the fourth quarter worth $29,000. Vega Investment Solutions bought a new position in Bank of America during the fourth quarter worth $30,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in Bank of America in the fourth quarter worth $31,000. Finally, Spurstone Advisory Services LLC acquired a new stake in Bank of America in the fourth quarter worth $34,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on BAC. TD Cowen began coverage on Bank of America in a report on Thursday, May 15th. They set a “buy” rating and a $53.00 price target on the stock. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Piper Sandler decreased their price objective on Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a research report on Wednesday, April 16th. Argus decreased their price objective on Bank of America from $53.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. Finally, UBS Group raised their price objective on Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a research 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 assigned a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.69.

Bank of America Trading Up 1.8%

Shares of BAC opened at $45.02 on Thursday. The stock has a fifty day moving average price of $41.98 and a two-hundred day moving average price of $43.35. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79. Bank of America Corporation has a 52-week low of $33.07 and a 52-week high of $48.08. The company has a market cap of $339.09 billion, a price-to-earnings ratio of 13.40, a PEG ratio of 1.20 and a beta of 1.30.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The firm had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced 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 dividend on an annualized basis and a dividend yield of 2.31%. Bank of America’s payout ratio is currently 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.