Schechter Investment Advisors LLC Decreases Stake in Bank of America Corporation (NYSE:BAC)

Schechter Investment Advisors LLC reduced its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 14.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 50,989 shares of the financial services provider's stock after selling 8,951 shares during the period. Schechter Investment Advisors LLC's holdings in Bank of America were worth $2,128,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Geode Capital Management LLC increased its stake in shares of Bank of America by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider's stock worth $6,243,000,000 after acquiring an additional 2,033,229 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Bank of America by 10.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock valued at $5,381,126,000 after purchasing an additional 11,691,451 shares during the period. Norges Bank purchased a new position in Bank of America during the fourth quarter worth about $5,226,989,000. Capital World Investors raised its stake in Bank of America by 23.9% during the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock worth $3,876,853,000 after purchasing an additional 17,031,143 shares during the period. Finally, Northern Trust Corp boosted its holdings in Bank of America by 17.2% in the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock valued at $2,985,785,000 after purchasing an additional 9,980,859 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Baird R W downgraded shares of Bank of America from a "strong-buy" rating to a "hold" rating in a report on Friday, June 27th. Keefe, Bruyette & Woods reduced their target price on Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 16th. Phillip Securities upgraded Bank of America from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. The Goldman Sachs Group lifted their price target on shares of Bank of America from $46.00 to $52.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. Finally, Truist Financial increased their price objective on shares of Bank of America from $51.00 to $53.00 and gave the stock a "buy" rating in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Bank of America currently has a consensus rating of "Moderate Buy" and a consensus price target of $48.89.

Bank of America Stock Down 0.6%

Bank of America stock traded down $0.26 during midday trading on Friday, reaching $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 business has a 50-day simple moving average of $44.99 and a 200-day simple moving average of $43.56. The company has a market cap of $351.81 billion, a P/E ratio of 13.90, a P/E/G ratio of 1.27 and a beta of 1.30. Bank of America Corporation has a fifty-two week low of $33.07 and a fifty-two week high of $49.31. 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 (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 (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 firm had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. On average, research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date of this dividend was Friday, June 6th. Bank of America's dividend payout ratio (DPR) is 30.95%.

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.