ICONIQ Capital LLC Trims Stake in Bank of America Corporation $BAC

ICONIQ Capital LLC lowered its position in Bank of America Corporation (NYSE:BAC) by 26.3% in the 2nd quarter, Holdings Channel reports. The firm owned 29,407 shares of the financial services provider’s stock after selling 10,477 shares during the quarter. ICONIQ Capital LLC’s holdings in Bank of America were worth $1,392,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Boston Common Asset Management LLC lifted its stake in Bank of America by 10.5% in the second quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock worth $12,288,000 after acquiring an additional 24,740 shares during the period. Disciplined Investments LLC purchased a new position in Bank of America during the 2nd quarter valued at about $217,000. Sunbeam Capital Management LLC raised its holdings in shares of Bank of America by 7.3% in the 2nd quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock valued at $306,000 after purchasing an additional 439 shares in the last quarter. CCG Wealth Management LLC purchased a new stake in shares of Bank of America in the 2nd quarter worth approximately $287,000. Finally, Community Financial Services Group LLC boosted its stake in shares of Bank of America by 3.5% during the second quarter. Community Financial Services Group LLC now owns 169,057 shares of the financial services provider’s stock valued at $8,000,000 after purchasing an additional 5,787 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Royal Bank Of Canada lifted their price target on Bank of America from $56.00 to $59.00 and gave the company an “outperform” rating in a report on Friday. The Goldman Sachs Group cut their target price on Bank of America from $60.00 to $58.00 and set a “buy” rating on the stock in a research note on Monday, October 27th. Truist Financial increased their price target on shares of Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a research report on Tuesday, September 23rd. HSBC lifted their price objective on shares of Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a research report on Thursday, October 2nd. Finally, Piper Sandler increased their target price on shares of Bank of America from $55.00 to $56.00 and gave the company a “neutral” rating in a research report on Thursday. Twenty-three research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $57.86.

Bank of America Stock Performance

BAC opened at $55.14 on Friday. The company has a market cap of $402.66 billion, a P/E ratio of 15.02 and a beta of 1.30. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm’s 50-day moving average price is $52.39 and its 200-day moving average price is $49.45. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $55.30.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The business had revenue of $5.35 billion for the quarter, compared to analyst estimates of $27.05 billion. During the same quarter in the prior year, the business posted $0.81 EPS. Bank of America’s revenue for the quarter was up 10.8% compared to the same quarter last year. As a group, equities analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.0%. The ex-dividend date is Friday, December 5th. Bank of America’s payout ratio is presently 30.52%.

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.