Bank of America Corporation (NYSE:BAC) Shares Sold by First National Trust Co

First National Trust Co lessened its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 3.3% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 177,203 shares of the financial services provider's stock after selling 6,063 shares during the period. First National Trust Co's holdings in Bank of America were worth $7,395,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Brighton Jones LLC boosted its holdings in Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock worth $4,785,000 after purchasing an additional 25,143 shares during the last quarter. Bank Pictet & Cie Europe AG raised its position in shares of Bank of America by 35.7% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider's stock valued at $37,797,000 after purchasing an additional 226,246 shares during the period. Summit Financial LLC increased its holdings in Bank of America by 86.9% during the 4th quarter. Summit Financial LLC now owns 80,126 shares of the financial services provider's stock worth $3,522,000 after acquiring an additional 37,263 shares during the period. StoneX Group Inc. increased its holdings in shares of Bank of America by 26.3% in the 4th quarter. StoneX Group Inc. now owns 30,519 shares of the financial services provider's stock worth $1,341,000 after buying an additional 6,363 shares during the last quarter. Finally, Nemes Rush Group LLC increased its holdings in shares of Bank of America by 23.4% in the 4th quarter. Nemes Rush Group LLC now owns 4,707 shares of the financial services provider's stock worth $207,000 after buying an additional 894 shares during the last quarter. Institutional investors own 70.71% of the company's stock.

Bank of America Stock Down 3.4%

Shares of BAC stock traded down $1.62 during mid-day trading on Friday, hitting $45.65. 52,302,792 shares of the stock traded hands, compared to its average volume of 43,048,586. The stock has a market cap of $343.83 billion, a P/E ratio of 13.35, a P/E/G ratio of 1.87 and a beta of 1.30. The stock's fifty day moving average is $46.22 and its two-hundred day moving average is $43.81. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $49.31. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating the consensus estimate of $0.86 by $0.03. The firm had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. Bank of America's revenue was up 4.3% on a year-over-year basis. During the same period last year, the firm posted $0.83 EPS. Equities analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America declared that its Board of Directors has approved a stock buyback plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's leadership believes its stock is undervalued.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend is Friday, September 5th. This is an increase from Bank of America's previous quarterly dividend of $0.26. Bank of America's payout ratio is 30.41%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on BAC shares. Hsbc Global Res cut shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 8th. Piper Sandler reduced 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 research note on Wednesday, April 16th. Truist Financial raised their price objective on shares of Bank of America from $51.00 to $53.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Oppenheimer raised their price objective on shares of Bank of America from $55.00 to $57.00 and gave the stock an "outperform" rating in a report on Wednesday. Finally, The Goldman Sachs Group upped their price target on shares of Bank of America from $46.00 to $52.00 and gave the stock a "buy" rating in a research report on Tuesday, June 10th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat.com, Bank of America presently has an average rating of "Moderate Buy" and an average target price of $50.13.

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.