Duncker Streett & Co. Inc. Trims Stock Holdings in Bank of America Corporation (NYSE:BAC)

Duncker Streett & Co. Inc. decreased its stake in Bank of America Corporation (NYSE:BAC) by 8.3% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 39,401 shares of the financial services provider’s stock after selling 3,579 shares during the period. Duncker Streett & Co. Inc.’s holdings in Bank of America were worth $1,644,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Graney & King LLC purchased a new stake in Bank of America in the fourth quarter worth about $25,000. Fairway Wealth LLC purchased a new stake in shares of Bank of America during the fourth quarter worth about $29,000. Vega Investment Solutions purchased a new stake in shares of Bank of America during the fourth quarter worth about $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in shares of Bank of America during the fourth quarter worth about $31,000. Finally, Spurstone Advisory Services LLC purchased a new stake in shares of Bank of America during the fourth quarter worth about $34,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

NYSE:BAC opened at $45.51 on Monday. The firm has a market capitalization of $342.78 billion, a price-to-earnings ratio of 13.54, a PEG ratio of 1.23 and a beta of 1.30. Bank of America Corporation has a 1 year low of $33.07 and a 1 year high of $48.08. The business has a 50 day simple moving average of $42.36 and a 200-day simple moving average of $43.28. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78.

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, 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 analyst estimates of $26.83 billion. Equities analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.29%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s dividend payout ratio is currently 30.95%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on BAC. Evercore ISI cut their target price on Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a research report on Tuesday, April 1st. Argus cut their target price on Bank of America from $53.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. Oppenheimer reiterated an “outperform” rating on shares of Bank of America in a research report on Thursday, May 22nd. Cowen began coverage on Bank of America in a research report on Wednesday, May 14th. They set a “buy” rating for the company. Finally, Truist Financial cut their target price on Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have given a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average 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.