Bank of America Co. (NYSE:BAC) Shares Sold by Shikiar Asset Management Inc.

Shikiar Asset Management Inc. trimmed its holdings in Bank of America Co. (NYSE:BAC) by 1.6% during the first quarter, Holdings Channel.com reports. The fund owned 140,555 shares of the financial services provider’s stock after selling 2,350 shares during the period. Bank of America accounts for 1.8% of Shikiar Asset Management Inc.’s investment portfolio, making the stock its 22nd largest holding. Shikiar Asset Management Inc.’s holdings in Bank of America were worth $5,865,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Graney & King LLC acquired a new stake in Bank of America in the 4th quarter valued at about $25,000. Fairway Wealth LLC purchased a new position in Bank of America in the 4th quarter valued at about $29,000. Vega Investment Solutions purchased a new position in Bank of America in the 4th quarter valued at about $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in Bank of America in the 4th quarter valued at about $31,000. Finally, Spurstone Advisory Services LLC purchased a new position in Bank of America in the 4th quarter valued at about $34,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of Bank of America stock opened at $44.04 on Monday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The company’s 50-day moving average price is $41.50 and its two-hundred day moving average price is $43.36. Bank of America Co. has a 52 week low of $33.07 and a 52 week high of $48.08. The stock has a market cap of $331.67 billion, a PE ratio of 13.68, a price-to-earnings-growth ratio of 1.21 and a beta of 1.30.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.10. The firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be issued 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 yield of 2.36%. Bank of America’s payout ratio is presently 30.95%.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of recent research reports. Piper Sandler reduced 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 report on Wednesday, April 16th. Argus cut their price target on shares of Bank of America from $53.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. Evercore ISI cut their price target on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a report on Tuesday, April 1st. TD Cowen started coverage on shares of Bank of America in a report on Thursday, May 15th. They issued a “buy” rating and a $53.00 price target on the stock. Finally, Baird R W raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have given a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.69.

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.