Kanawha Capital Management LLC Has $841,000 Position in Bank of America Corporation (NYSE:BAC)

Kanawha Capital Management LLC boosted its position in shares of Bank of America Corporation (NYSE:BAC) by 2.4% in the first quarter, Holdings Channel.com reports. The firm owned 20,150 shares of the financial services provider’s stock after acquiring an additional 475 shares during the period. Kanawha Capital Management LLC’s holdings in Bank of America were worth $841,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Avalon Trust Co raised its holdings in Bank of America by 14.6% during the fourth quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider’s stock worth $76,000 after acquiring an additional 219 shares in the last quarter. TAGStone Capital Inc. grew its position in shares of Bank of America by 1.2% in the fourth quarter. TAGStone Capital Inc. now owns 19,802 shares of the financial services provider’s stock valued at $870,000 after purchasing an additional 227 shares during the last quarter. Hayek Kallen Investment Management increased its position in Bank of America by 2.0% during the 4th quarter. Hayek Kallen Investment Management now owns 12,022 shares of the financial services provider’s stock worth $528,000 after buying an additional 233 shares during the period. Continuum Advisory LLC boosted its holdings in Bank of America by 1.4% in the 4th quarter. Continuum Advisory LLC now owns 16,707 shares of the financial services provider’s stock valued at $734,000 after purchasing an additional 237 shares during the period. Finally, Menard Financial Group LLC grew its position in Bank of America by 1.2% during the fourth quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider’s stock worth $906,000 after buying an additional 240 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Evercore ISI cut 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 report on Tuesday, April 1st. Piper Sandler cut 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 research report on Wednesday, April 16th. The Goldman Sachs Group increased their price target on Bank of America from $46.00 to $52.00 and gave the company a “buy” rating in a research note on Tuesday, June 10th. Oppenheimer restated an “outperform” rating on shares of Bank of America in a report on Thursday, May 22nd. Finally, Royal Bank Of Canada cut their price target on Bank of America from $50.00 to $45.00 and set an “outperform” rating on the stock in a report on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, eighteen have assigned a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $47.65.

Bank of America Trading Up 1.8%

Shares of BAC stock opened at $48.15 on Wednesday. Bank of America Corporation has a 52-week low of $33.07 and a 52-week high of $48.53. The company has a 50-day simple moving average of $43.71 and a two-hundred day simple moving average of $43.36. The company has a market capitalization of $362.66 billion, a price-to-earnings ratio of 14.33, a PEG ratio of 1.29 and a beta of 1.30. 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 (NYSE:BAC) last posted its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.10. The company had revenue of $27.37 billion during 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%. Research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.16%. The ex-dividend date of this dividend was Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

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.