XML Financial LLC Sells 3,268 Shares of Bank of America Corporation (NYSE:BAC)

XML Financial LLC trimmed its position in shares of Bank of America Corporation (NYSE:BAC) by 1.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 245,048 shares of the financial services provider’s stock after selling 3,268 shares during the quarter. Bank of America makes up about 1.0% of XML Financial LLC’s investment portfolio, making the stock its 27th biggest position. XML Financial LLC’s holdings in Bank of America were worth $10,226,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in BAC. Norges Bank bought a new stake in Bank of America during the fourth quarter worth about $5,226,989,000. Capital World Investors grew its stake in shares of Bank of America by 23.9% during the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock valued at $3,876,853,000 after purchasing an additional 17,031,143 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Bank of America by 10.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock valued at $5,381,126,000 after purchasing an additional 11,691,451 shares during the last quarter. Amundi grew its stake in shares of Bank of America by 37.1% during the fourth 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 grew its stake in shares of Bank of America by 17.2% during the fourth 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 Trading Up 1.0%

BAC opened at $45.51 on Monday. The firm’s fifty day moving average is $42.36 and its two-hundred day moving average is $43.28. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79. The firm has a market cap of $342.78 billion, a PE ratio of 13.54, a price-to-earnings-growth ratio of 1.23 and a beta of 1.30. Bank of America Corporation has a twelve month low of $33.07 and a twelve month high of $48.08.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.10. The company 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 14.56% and a return on equity of 10.25%. Equities research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.29%. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

Analysts Set New Price Targets

Several research firms have recently commented on BAC. Cowen began coverage on shares of Bank of America in a research note on Wednesday, May 14th. They set a “buy” rating on the stock. Keefe, Bruyette & Woods decreased their price target on shares of Bank of America from $55.00 to $52.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 16th. Barclays decreased their price target on shares of 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. Piper Sandler decreased their price target on shares of Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 16th. Finally, Evercore ISI cut their price objective on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a report on Tuesday, April 1st. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have given a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target 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.