American Research & Management Co. decreased its position in Bank of America Co. (NYSE:BAC) by 3.3% during the 1st quarter, Holdings Channel.com reports. The fund owned 29,284 shares of the financial services provider’s stock after selling 1,000 shares during the quarter. American Research & Management Co.’s holdings in Bank of America were worth $1,133,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of BAC. Truvestments Capital LLC acquired a new position in Bank of America during the 4th quarter valued at about $25,000. Clark Financial Advisors bought a new position in Bank of America in the fourth quarter valued at approximately $29,000. Diversified LLC acquired a new stake in Bank of America during the 4th quarter worth $29,000. Kathmere Capital Management LLC acquired a new position in shares of Bank of America in the 3rd quarter valued at $31,000. Finally, Clean Yield Group boosted its position in shares of Bank of America by 90.9% in the 4th quarter. Clean Yield Group now owns 1,050 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 500 shares during the last quarter. Institutional investors and hedge funds own 68.10% of the company’s stock.
BAC has been the subject of several analyst reports. Piper Sandler boosted their target price on Bank of America from $28.00 to $36.00 and gave the stock an “overweight” rating in a research report on Monday, January 11th. UBS Group set a $30.00 price target on Bank of America and gave the company a “neutral” rating in a research note on Tuesday, January 19th. Barclays upped their price objective on Bank of America from $40.00 to $45.00 and gave the stock an “overweight” rating in a research report on Wednesday. Atlantic Securities raised Bank of America from a “neutral” rating to an “overweight” rating and set a $40.00 target price on the stock in a research report on Tuesday, January 26th. Finally, Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell raised Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the stock from $31.00 to $37.00 in a research report on Monday, January 11th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and fifteen have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $34.55.
Shares of BAC stock traded down $0.49 on Thursday, hitting $39.56. 1,463,598 shares of the company’s stock were exchanged, compared to its average volume of 55,645,949. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.87 and a quick ratio of 0.87. The stock has a market cap of $341.29 billion, a P/E ratio of 19.54, a price-to-earnings-growth ratio of 2.13 and a beta of 1.59. Bank of America Co. has a 12 month low of $20.10 and a 12 month high of $40.28. The company has a 50 day moving average of $37.14 and a 200 day moving average of $30.45.
Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, January 19th. The financial services provider reported $0.59 EPS for the quarter, beating the consensus estimate of $0.55 by $0.04. The firm had revenue of $20.10 billion during the quarter, compared to the consensus estimate of $20.76 billion. Bank of America had a return on equity of 8.00% and a net margin of 19.50%. The business’s quarterly revenue was down 9.9% on a year-over-year basis. During the same period last year, the company earned $0.74 earnings per share. Sell-side analysts predict that Bank of America Co. will post 1.84 EPS for the current fiscal year.
Bank of America announced that its board has authorized a stock buyback program on Tuesday, January 19th that permits the company to buyback $2.90 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.
The company also recently declared a quarterly dividend, which was paid on Friday, March 26th. Stockholders of record on Friday, March 5th were given a $0.18 dividend. The ex-dividend date was Thursday, March 4th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.82%. Bank of America’s dividend payout ratio (DPR) is currently 24.49%.
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 Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets segments.
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