Avity Investment Management Inc. Has $2.39 Million Holdings in Bank of America Co. (NYSE:BAC)

Avity Investment Management Inc. cut its stake in Bank of America Co. (NYSE:BAC - Free Report) by 12.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 57,225 shares of the financial services provider's stock after selling 8,300 shares during the period. Avity Investment Management Inc.'s holdings in Bank of America were worth $2,388,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Avalon Trust Co raised its holdings in shares of Bank of America by 14.6% during the fourth quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider's stock valued at $76,000 after acquiring an additional 219 shares during the period. Prossimo Advisors LLC raised its holdings in shares of Bank of America by 2.5% during the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider's stock valued at $390,000 after acquiring an additional 220 shares during the period. Consolidated Planning Corp raised its holdings in shares of Bank of America by 2.9% during the fourth quarter. Consolidated Planning Corp now owns 8,092 shares of the financial services provider's stock valued at $356,000 after acquiring an additional 226 shares during the period. TAGStone Capital Inc. raised its holdings in shares of Bank of America by 1.2% during the fourth quarter. TAGStone Capital Inc. now owns 19,802 shares of the financial services provider's stock valued at $870,000 after acquiring an additional 227 shares during the period. Finally, TFB Advisors LLC raised its holdings in shares of Bank of America by 3.8% during the fourth quarter. TFB Advisors LLC now owns 6,342 shares of the financial services provider's stock valued at $279,000 after acquiring an additional 230 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Up 1.4%

Shares of BAC traded up $0.63 during mid-day trading on Friday, hitting $45.01. 36,995,447 shares of the company's stock were exchanged, compared to its average volume of 39,746,970. The firm has a fifty day moving average of $40.64 and a two-hundred day moving average of $43.51. Bank of America Co. has a twelve month low of $33.07 and a twelve month high of $48.08. The stock has a market cap of $339.01 billion, a price-to-earnings ratio of 13.98, a P/E/G ratio of 1.21 and a beta of 1.27. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. On average, sell-side analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors 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 yield of 2.31%. Bank of America's payout ratio is presently 30.95%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on BAC shares. 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. Phillip Securities upgraded shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research note on Thursday, April 17th. Piper Sandler dropped their price objective on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 16th. Barclays dropped their price objective on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Finally, Truist Financial dropped their price objective on shares of Bank of America from $50.00 to $47.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have issued a buy rating and four have given a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $47.50.

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.