Alpine Woods Capital Investors LLC Sells 37,208 Shares of Bank of America Corporation (NYSE:BAC)

Alpine Woods Capital Investors LLC cut its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 17.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 180,713 shares of the financial services provider's stock after selling 37,208 shares during the period. Bank of America accounts for approximately 1.9% of Alpine Woods Capital Investors LLC's holdings, making the stock its 8th biggest holding. Alpine Woods Capital Investors LLC's holdings in Bank of America were worth $7,541,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Graney & King LLC acquired a new stake in Bank of America during the 4th quarter worth $25,000. Vega Investment Solutions bought a new position in shares of Bank of America in the 4th 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. Spurstone Advisory Services LLC bought a new stake in Bank of America in the fourth quarter valued at about $34,000. Finally, Glass Jacobson Investment Advisors llc increased its holdings in Bank of America by 53.0% in the fourth quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider's stock valued at $35,000 after purchasing an additional 276 shares during the last quarter. Institutional investors own 70.71% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on BAC. Morgan Stanley boosted their target price on Bank of America from $47.00 to $49.00 and gave the stock an "overweight" rating in a research report on Monday, June 23rd. Phillip Securities upgraded shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. Citigroup increased their target price on shares of Bank of America from $50.00 to $54.00 and gave the stock a "buy" rating in a report on Thursday, June 26th. Piper Sandler decreased their price target on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a report on Wednesday, April 16th. Finally, Cfra Research upped their price objective on shares of Bank of America to $47.00 and gave the company a "buy" rating in a research report on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $48.89.

Bank of America Stock Down 0.6%

BAC stock traded down $0.26 during midday trading on Friday, hitting $46.71. The company's stock had a trading volume of 31,608,474 shares, compared to its average volume of 40,554,722. The company's fifty day moving average price is $44.99 and its 200 day moving average price is $43.55. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. Bank of America Corporation has a twelve month low of $33.07 and a twelve month high of $49.31. The stock has a market capitalization of $351.81 billion, a P/E ratio of 13.90, a PEG ratio of 1.27 and a beta of 1.30.

Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.80 by $0.10. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The business had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. As a group, equities research analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.23%. The ex-dividend date was Friday, June 6th. Bank of America's dividend payout ratio (DPR) is 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.