Pinnacle Bancorp Inc. Trims Holdings in Bank of America Corporation (NYSE:BAC)

Pinnacle Bancorp Inc. lessened its stake in Bank of America Corporation (NYSE:BAC) by 2.9% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 45,488 shares of the financial services provider’s stock after selling 1,368 shares during the period. Pinnacle Bancorp Inc.’s holdings in Bank of America were worth $1,898,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in BAC. Graney & King LLC purchased a new stake in shares of Bank of America during the 4th quarter valued at $25,000. Fairway Wealth LLC acquired a new stake in Bank of America during the 4th quarter valued at approximately $29,000. Vega Investment Solutions acquired a new position in shares of Bank of America in the 4th quarter valued at approximately $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in shares of Bank of America during the 4th quarter valued at approximately $31,000. Finally, Spurstone Advisory Services LLC purchased a new position in shares of Bank of America during the 4th quarter valued at approximately $34,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. TD Cowen initiated coverage on shares of Bank of America in a report on Thursday, May 15th. They set a “buy” rating and a $53.00 price objective for the company. JPMorgan Chase & Co. cut their target price on shares of Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a report on Thursday, April 3rd. Keefe, Bruyette & Woods cut their price target on Bank of America from $55.00 to $52.00 and set an “outperform” rating on the stock in a report on Wednesday, April 16th. Truist Financial lowered their price objective on Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday, April 16th. Finally, UBS Group increased their target price 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, four have given a hold rating, nineteen have given a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $47.40.

Bank of America Stock Performance

Shares of NYSE BAC opened at $46.66 on Wednesday. The company has a market capitalization of $351.46 billion, a P/E ratio of 13.89, a price-to-earnings-growth ratio of 1.26 and a beta of 1.30. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. Bank of America Corporation has a one year low of $33.07 and a one year high of $48.08. The business’s 50-day moving average price is $42.72 and its two-hundred day moving average price is $43.30.

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

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders 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 yield of 2.23%. 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.