New Covenant Trust Company N.A. Has $543,000 Stock Holdings in Bank of America Corporation (NYSE:BAC)

New Covenant Trust Company N.A. lowered its holdings in shares of Bank of America Corporation (NYSE:BAC) by 3.1% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 13,161 shares of the financial services provider’s stock after selling 421 shares during the period. New Covenant Trust Company N.A.’s holdings in Bank of America were worth $543,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of BAC. Norges Bank acquired a new position in Bank of America in the 4th quarter valued at approximately $5,226,989,000. Capital World Investors grew its stake in shares of Bank of America by 23.9% in the fourth 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 increased its holdings in Bank of America by 10.6% in 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 period. Amundi increased its stake in shares of Bank of America by 37.1% in the fourth quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock valued at $1,747,658,000 after buying an additional 10,231,001 shares during the period. Finally, Northern Trust Corp boosted its position in shares of 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 valued at $2,985,785,000 after purchasing an additional 9,980,859 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Up 1.8%

BAC stock opened at $46.32 on Tuesday. Bank of America Corporation has a 12 month low of $33.07 and a 12 month high of $48.08. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. The company has a market capitalization of $348.88 billion, a P/E ratio of 13.79, a price-to-earnings-growth ratio of 1.23 and a beta of 1.30. The firm’s fifty day simple moving average is $42.55 and its 200-day simple moving average is $43.28.

Bank of America (NYSE:BAC) last announced 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. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The business had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. As a group, equities research analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date is Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is 30.95%.

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of recent research reports. Evercore ISI dropped 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 research note on Tuesday, April 1st. Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $45.00 to $50.00 in a report on Friday, March 7th. Oppenheimer reaffirmed an “outperform” rating on shares of Bank of America in a report on Thursday, May 22nd. Piper Sandler lowered 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 report on Wednesday, April 16th. Finally, TD Cowen assumed coverage on shares of Bank of America in a report on Thursday, May 15th. They issued a “buy” rating and a $53.00 price objective for the company. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, nineteen have assigned a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $47.40.

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.