Johnson Financial Group Inc. Sells 28,994 Shares of Bank of America Co. (NYSE:BAC)

Johnson Financial Group Inc. cut its position in Bank of America Co. (NYSE:BAC) by 73.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,614 shares of the financial services provider’s stock after selling 28,994 shares during the quarter. Johnson Financial Group Inc.’s holdings in Bank of America were worth $491,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Principal Financial Group Inc. raised its stake in shares of Bank of America by 3.8% during the third quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock valued at $611,692,000 after acquiring an additional 569,385 shares during the last quarter. Morse Asset Management Inc acquired a new stake in Bank of America during the 3rd quarter worth about $306,000. SkyView Investment Advisors LLC grew its stake in Bank of America by 4.3% during the third quarter. SkyView Investment Advisors LLC now owns 15,602 shares of the financial services provider’s stock worth $619,000 after purchasing an additional 645 shares during the period. Tudor Financial Inc. acquired a new position in Bank of America in the third quarter valued at approximately $645,000. Finally, Eaton Financial Holdings Company LLC acquired a new position in Bank of America in the third quarter valued at approximately $488,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Up 0.2 %

BAC stock opened at $39.67 on Friday. Bank of America Co. has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The stock has a fifty day moving average of $40.48 and a 200-day moving average of $43.58. The company has a market capitalization of $301.60 billion, a price-to-earnings ratio of 12.32, a PEG ratio of 1.21 and a beta of 1.24. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.10. The firm had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. As a group, equities research analysts predict that Bank of America Co. will post 3.7 earnings per share for the current 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 annualized dividend and a dividend yield of 2.62%. Bank of America’s dividend payout ratio is currently 30.95%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on BAC shares. Piper Sandler lowered their price objective on shares of Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a research note on Wednesday, April 16th. Oppenheimer upped their price objective on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Argus reduced their target price on Bank of America from $53.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday, April 16th. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Finally, Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $45.00 to $50.00 in a research note on Friday, March 7th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $47.43.

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.