Bank of America Corporation (NYSE:BAC) Shares Sold by Robeco Institutional Asset Management B.V.

Robeco Institutional Asset Management B.V. lessened its holdings in shares of Bank of America Corporation (NYSE:BAC) by 33.7% in the first quarter, HoldingsChannel reports. The fund owned 6,406,066 shares of the financial services provider’s stock after selling 3,261,279 shares during the period. Robeco Institutional Asset Management B.V.’s holdings in Bank of America were worth $267,325,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Kavar Capital Partners Group LLC lifted its holdings in Bank of America by 79.0% in the first quarter. Kavar Capital Partners Group LLC now owns 17,229 shares of the financial services provider’s stock worth $719,000 after purchasing an additional 7,603 shares during the period. Pure Financial Advisors LLC raised its position in shares of Bank of America by 9.1% during the 1st quarter. Pure Financial Advisors LLC now owns 34,287 shares of the financial services provider’s stock worth $1,431,000 after buying an additional 2,858 shares in the last quarter. Wealth Effects LLC lifted its stake in shares of Bank of America by 3.7% in the 1st quarter. Wealth Effects LLC now owns 22,537 shares of the financial services provider’s stock worth $940,000 after acquiring an additional 796 shares during the period. Omnia Family Wealth LLC boosted its holdings in shares of Bank of America by 7.0% in the first quarter. Omnia Family Wealth LLC now owns 20,352 shares of the financial services provider’s stock valued at $849,000 after acquiring an additional 1,325 shares in the last quarter. Finally, New World Advisors LLC boosted its holdings in shares of Bank of America by 17.5% in the first quarter. New World Advisors LLC now owns 9,519 shares of the financial services provider’s stock valued at $397,000 after acquiring an additional 1,419 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. 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. The Goldman Sachs Group upped their price objective on Bank of America from $46.00 to $52.00 and gave the company a “buy” rating in a report on Tuesday, June 10th. UBS Group raised their target price on Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, April 16th. Truist Financial dropped their price target on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Finally, Baird R W raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. Two analysts have rated the stock with a sell rating, four have issued a hold rating, nineteen have given a buy rating and four have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $47.40.

Bank of America Stock Up 0.4%

NYSE:BAC opened at $46.85 on Thursday. The business’s fifty day moving average price is $42.91 and its 200 day moving average price is $43.33. The firm has a market capitalization of $352.87 billion, a price-to-earnings ratio of 13.94, a PEG ratio of 1.26 and a beta of 1.30. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11. Bank of America Corporation has a 1-year low of $33.07 and a 1-year high of $48.08.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.10. The company 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 10.25% and a net margin of 14.56%. On average, sell-side analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal 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 $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.22%. Bank of America’s payout ratio is 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.