Bank of America Corporation (NYSE:BAC) Stake Reduced by Carret Asset Management LLC

Carret Asset Management LLC trimmed its holdings in shares of Bank of America Corporation (NYSE:BAC) by 1.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 110,279 shares of the financial services provider’s stock after selling 1,844 shares during the period. Carret Asset Management LLC’s holdings in Bank of America were worth $4,602,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in BAC. Graney & King LLC bought a new stake in shares of Bank of America during the 4th quarter worth $25,000. Fairway Wealth LLC acquired a new position in shares of Bank of America in the 4th quarter valued at $29,000. Vega Investment Solutions acquired a new stake in Bank of America during the 4th quarter worth about $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in Bank of America during the fourth quarter valued at about $31,000. Finally, Spurstone Advisory Services LLC acquired a new position in shares of Bank of America in the fourth quarter worth about $34,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of recent analyst reports. Piper Sandler decreased 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. TD Cowen initiated coverage on Bank of America in a research note on Thursday, May 15th. They issued a “buy” rating and a $53.00 price objective for the company. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Keefe, Bruyette & Woods lowered their target price on Bank of America from $55.00 to $52.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 16th. Finally, Citigroup decreased their price target on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a report on Monday, March 24th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have issued a buy rating and four have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $47.69.

Bank of America Trading Up 1.8%

NYSE:BAC opened at $45.02 on Friday. Bank of America Corporation has a twelve month low of $33.07 and a twelve month high of $48.08. The business has a 50 day moving average price of $42.17 and a two-hundred day moving average price of $43.34. The company has a market cap of $339.09 billion, a P/E ratio of 13.40, a price-to-earnings-growth ratio of 1.22 and a beta of 1.30. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The business had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. As a group, analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be paid a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.31%. Bank of America’s payout ratio is currently 30.95%.

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 four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.