McGinn Penninger Investment Management Inc. Sells 3,475 Shares of Bank of America Corporation (NYSE:BAC)

McGinn Penninger Investment Management Inc. trimmed its stake in Bank of America Corporation (NYSE:BAC) by 2.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 133,590 shares of the financial services provider’s stock after selling 3,475 shares during the period. Bank of America comprises about 3.6% of McGinn Penninger Investment Management Inc.’s investment portfolio, making the stock its 7th biggest position. McGinn Penninger Investment Management Inc.’s holdings in Bank of America were worth $5,575,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the company. Kanawha Capital Management LLC raised its position in Bank of America by 2.4% in the first quarter. Kanawha Capital Management LLC now owns 20,150 shares of the financial services provider’s stock worth $841,000 after purchasing an additional 475 shares in the last quarter. Aaron Wealth Advisors LLC grew its stake in shares of Bank of America by 0.9% in the 1st quarter. Aaron Wealth Advisors LLC now owns 47,562 shares of the financial services provider’s stock valued at $1,985,000 after purchasing an additional 406 shares during the period. First Bank & Trust raised its holdings in shares of Bank of America by 4.3% in the 1st quarter. First Bank & Trust now owns 7,858 shares of the financial services provider’s stock worth $328,000 after buying an additional 325 shares in the last quarter. Coastline Trust Co lifted its position in shares of Bank of America by 1.2% during the 1st quarter. Coastline Trust Co now owns 42,117 shares of the financial services provider’s stock worth $1,758,000 after buying an additional 513 shares during the period. Finally, Keybank National Association OH boosted its stake in Bank of America by 11.6% in the 1st quarter. Keybank National Association OH now owns 3,859,585 shares of the financial services provider’s stock valued at $161,061,000 after buying an additional 400,969 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of BAC opened at $48.15 on Wednesday. The company has a market cap of $362.66 billion, a PE ratio of 14.33, a price-to-earnings-growth ratio of 1.29 and a beta of 1.30. The firm has a 50-day moving average of $43.71 and a 200-day moving average of $43.36. Bank of America Corporation has a one year low of $33.07 and a one year high of $48.53. 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 (NYSE:BACGet Free Report) last posted its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. The business had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. As a group, equities analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

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

Analyst Upgrades and Downgrades

BAC has been the subject of several recent analyst reports. Robert W. Baird reiterated a “neutral” rating and set a $52.00 price objective on shares of Bank of America in a research note on Friday, June 27th. Baird R W lowered Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 27th. Evercore ISI reduced 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. Cfra Research raised their target price on Bank of America to $47.00 and gave the stock a “buy” rating in a report on Wednesday, April 16th. Finally, Cowen started coverage on shares of Bank of America in a research report on Wednesday, May 14th. They issued a “buy” rating for the company. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, eighteen have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.65.

Get Our Latest Research Report on BAC

Bank of America Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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