Bank of America Co. (NYSE:BAC) Shares Sold by McIlrath & Eck LLC

McIlrath & Eck LLC lowered its position in Bank of America Co. (NYSE:BAC) by 49.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 20,272 shares of the financial services provider's stock after selling 20,122 shares during the quarter. McIlrath & Eck LLC's holdings in Bank of America were worth $891,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the company. Collier Financial purchased a new position in shares of Bank of America in the 4th quarter valued at approximately $25,000. Life Planning Partners Inc lifted its holdings in shares of Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock worth $25,000 after purchasing an additional 545,936 shares during the period. Graney & King LLC acquired a new stake in shares of Bank of America during the fourth quarter worth $25,000. Fairway Wealth LLC purchased a new position in Bank of America in the 4th quarter valued at $29,000. Finally, Marshall & Sterling Wealth Advisors Inc. acquired a new position in Bank of America in the 4th quarter valued at $31,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Down 0.3%

Shares of NYSE BAC opened at $44.62 on Wednesday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The firm's 50-day moving average is $40.23 and its two-hundred day moving average is $43.59. Bank of America Co. has a 12-month low of $33.07 and a 12-month high of $48.08. The company has a market capitalization of $336.07 billion, a PE ratio of 13.86, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27.

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

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be paid a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.33%. Bank of America's dividend payout ratio is currently 30.95%.

Wall Street Analyst Weigh In

A number of brokerages have commented on BAC. Truist Financial cut their price objective on shares of 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. TD Cowen began coverage on shares of Bank of America in a report on Thursday, May 15th. They set a "buy" rating and a $53.00 price target for the company. Oppenheimer raised their price objective on shares of Bank of America from $50.00 to $51.00 and gave the company an "outperform" rating in a research report on Monday, April 28th. Piper Sandler lowered their price objective on Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a report on Wednesday, April 16th. Finally, Baird R W upgraded Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 7th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, seventeen have given a buy rating and four have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently 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.

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