ARGA Investment Management LP Has $14.32 Million Stake in Bank of America Corporation (NYSE:BAC)

ARGA Investment Management LP cut its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 8.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 343,161 shares of the financial services provider's stock after selling 33,116 shares during the quarter. Bank of America makes up approximately 0.5% of ARGA Investment Management LP's portfolio, making the stock its 23rd biggest position. ARGA Investment Management LP's holdings in Bank of America were worth $14,320,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Avalon Trust Co lifted its holdings in 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 worth $76,000 after acquiring an additional 219 shares in the last quarter. TAGStone Capital Inc. lifted its holdings in 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 worth $870,000 after acquiring an additional 227 shares in the last quarter. Hayek Kallen Investment Management lifted its holdings in Bank of America by 2.0% during the fourth quarter. Hayek Kallen Investment Management now owns 12,022 shares of the financial services provider's stock worth $528,000 after acquiring an additional 233 shares in the last quarter. Continuum Advisory LLC lifted its holdings in Bank of America by 1.4% during the fourth quarter. Continuum Advisory LLC now owns 16,707 shares of the financial services provider's stock worth $734,000 after acquiring an additional 237 shares in the last quarter. Finally, Menard Financial Group LLC lifted its holdings in Bank of America by 1.2% during the fourth quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider's stock worth $906,000 after acquiring an additional 240 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on BAC shares. The Goldman Sachs Group lifted their target price on Bank of America from $46.00 to $52.00 and gave the stock a "buy" rating in a report on Tuesday, June 10th. HSBC lowered Bank of America from a "buy" rating to a "hold" rating and boosted their price target for the company from $47.00 to $51.00 in a report on Monday. Cowen began coverage on Bank of America in a report on Wednesday, May 14th. They issued a "buy" rating on the stock. Argus cut their price target on Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Finally, Piper Sandler cut their price target 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. Two analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Bank of America has an average rating of "Moderate Buy" and a consensus price target of $48.33.

Bank of America Stock Performance

NYSE BAC traded down $1.49 during trading on Tuesday, reaching $47.17. 88,051,022 shares of the company's stock were exchanged, compared to its average volume of 40,352,271. The business has a 50 day moving average price of $44.46 and a 200-day moving average price of $43.47. The stock has a market capitalization of $355.28 billion, a P/E ratio of 14.04, a PEG ratio of 1.33 and a beta of 1.30. 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 fifty-two week low of $33.07 and a fifty-two week high of $49.31.

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 earnings per share for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. The firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. Sell-side analysts forecast 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 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 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date of this dividend was Friday, June 6th. 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.