Adams Asset Advisors LLC Has $11.03 Million Stock Holdings in Bank of America Corporation (NYSE:BAC)

Adams Asset Advisors LLC lowered its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 13.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 264,372 shares of the financial services provider's stock after selling 42,688 shares during the quarter. Bank of America accounts for about 1.5% of Adams Asset Advisors LLC's investment portfolio, making the stock its 18th biggest holding. Adams Asset Advisors LLC's holdings in Bank of America were worth $11,032,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Graney & King LLC acquired a new position in shares of Bank of America in the 4th quarter valued at approximately $25,000. Fairway Wealth LLC bought a new stake in shares of Bank of America during the fourth quarter worth $29,000. Vega Investment Solutions bought a new stake in shares of Bank of America during the fourth quarter worth $30,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in shares of Bank of America during the fourth quarter worth $31,000. Finally, Spurstone Advisory Services LLC bought a new stake in Bank of America in the 4th quarter valued at $34,000. 70.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently issued reports on BAC. Piper Sandler decreased their price objective on Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a report on Wednesday, April 16th. Barclays decreased their price objective on Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Citigroup lowered their price target on Bank of America from $54.00 to $50.00 and set a "buy" rating on the stock in a research report on Monday, March 24th. Truist Financial lowered their target price on shares of Bank of America from $50.00 to $47.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Finally, Cowen initiated coverage on shares of Bank of America in a research note on Wednesday, May 14th. They issued a "buy" rating for the company. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have given a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat, Bank of America currently has a consensus rating of "Moderate Buy" and a consensus price target of $47.69.

Bank of America Price Performance

Shares of NYSE BAC traded up $0.79 during midday trading on Thursday, reaching $45.02. 37,676,876 shares of the company were exchanged, compared to its average volume of 39,791,457. The stock's 50-day moving average price is $41.98 and its 200-day moving average price is $43.35. The stock has a market cap of $339.09 billion, a P/E ratio of 13.40, a PEG ratio of 1.20 and a beta of 1.30. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11. Bank of America Corporation has a one year low of $33.07 and a one year high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last issued its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. The business 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 10.25% and a net margin of 14.56%. On average, sell-side analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be issued 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 dividend payout ratio (DPR) is presently 30.95%.

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.