Tobam Cuts Stock Holdings in Bank of America Co. (NYSE:BAC)

Tobam decreased its holdings in shares of Bank of America Co. (NYSE:BAC - Free Report) by 61.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,322 shares of the financial services provider's stock after selling 11,895 shares during the quarter. Tobam's holdings in Bank of America were worth $306,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the business. Life Planning Partners Inc grew its position in Bank of America by 3,883.2% in the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock worth $25,000 after acquiring an additional 545,936 shares in the last quarter. Graney & King LLC purchased a new position in shares of Bank of America in the 4th quarter worth approximately $25,000. Fairway Wealth LLC bought a new position in shares of Bank of America during the 4th quarter valued at approximately $29,000. Vega Investment Solutions purchased a new stake in Bank of America during the 4th quarter valued at $30,000. Finally, Marshall & Sterling Wealth Advisors Inc. bought a new stake in Bank of America in the fourth quarter worth $31,000. Institutional investors own 70.71% of the company's stock.

Bank of America Stock Performance

Shares of Bank of America stock traded up $0.31 during midday trading on Monday, hitting $44.40. The company had a trading volume of 31,102,052 shares, compared to its average volume of 39,747,216. The stock has a market cap of $334.39 billion, a price-to-earnings ratio of 13.79, a PEG ratio of 1.21 and a beta of 1.30. Bank of America Co. has a 12-month low of $33.07 and a 12-month high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a fifty day simple moving average of $41.50 and a 200 day simple moving average of $43.36.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. As a group, analysts predict that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed 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. This represents a $1.04 annualized dividend and a yield of 2.34%. The ex-dividend date is Friday, June 6th. Bank of America's payout ratio is 30.95%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on BAC. Royal Bank of Canada cut their price objective on shares of Bank of America from $50.00 to $45.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 16th. JPMorgan Chase & Co. reduced their price objective on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a research report on Thursday, April 3rd. Barclays decreased their price objective on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Truist Financial cut their target price on 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. Finally, Oppenheimer reissued an "outperform" rating on shares of Bank of America in a research note on Thursday, May 22nd. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have given a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat, Bank of America currently has an average rating of "Moderate Buy" and a consensus price target of $47.69.

Bank of America 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.