Matrix Asset Advisors Inc. NY Sells 5,869 Shares of Bank of America Corporation (NYSE:BAC)

Matrix Asset Advisors Inc. NY lessened its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 9.2% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 57,932 shares of the financial services provider's stock after selling 5,869 shares during the quarter. Matrix Asset Advisors Inc. NY's holdings in Bank of America were worth $2,418,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Graney & King LLC bought a new stake in shares of Bank of America in the fourth quarter valued at about $25,000. Fairway Wealth LLC acquired a new position in Bank of America in the fourth quarter valued at about $29,000. Vega Investment Solutions acquired a new position in Bank of America in the fourth quarter valued at about $30,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in Bank of America in the fourth quarter valued at about $31,000. Finally, Spurstone Advisory Services LLC acquired a new position in Bank of America in the fourth quarter valued at about $34,000. Institutional investors own 70.71% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Truist Financial dropped their price target on Bank of America from $50.00 to $47.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. Argus dropped their price target on Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. Royal Bank Of Canada dropped their price target on Bank of America from $50.00 to $45.00 and set an "outperform" rating for the company in a research note on Wednesday, April 16th. UBS Group boosted their price target on Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a research note on Wednesday, April 16th. Finally, Wall Street Zen downgraded Bank of America from a "hold" rating to a "sell" rating 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 issued a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $47.69.

Bank of America Trading Up 1.0%

Shares of Bank of America stock traded up $0.45 on Friday, hitting $45.51. The stock had a trading volume of 64,519,452 shares, compared to its average volume of 39,802,976. The stock has a 50 day moving average of $42.36 and a 200 day moving average of $43.28. Bank of America Corporation has a twelve month low of $33.07 and a twelve month high of $48.08. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79. The firm has a market capitalization of $342.78 billion, a P/E ratio of 13.54, a PEG ratio of 1.23 and a beta of 1.30.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Sell-side analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.29%. The ex-dividend date is Friday, June 6th. Bank of America's dividend payout ratio is currently 30.95%.

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.