Twin Capital Management Inc. Sells 89,267 Shares of Bank of America Corporation (NYSE:BAC)

Twin Capital Management Inc. trimmed its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 78.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,939 shares of the financial services provider's stock after selling 89,267 shares during the quarter. Twin Capital Management Inc.'s holdings in Bank of America were worth $1,041,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Graney & King LLC bought a new stake in shares of Bank of America in the 4th quarter worth approximately $25,000. Vega Investment Solutions bought a new stake in shares of Bank of America in the 4th quarter worth approximately $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in shares of Bank of America in the 4th quarter worth approximately $31,000. Spurstone Advisory Services LLC bought a new stake in shares of Bank of America in the 4th quarter worth approximately $34,000. Finally, Glass Jacobson Investment Advisors llc boosted its position in shares of Bank of America by 53.0% during 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 in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Performance

Bank of America stock traded up $0.15 during mid-day trading on Monday, reaching $47.47. 32,077,399 shares of the stock traded hands, compared to its average volume of 40,468,681. The stock has a market capitalization of $357.50 billion, a PE ratio of 13.88, a price-to-earnings-growth ratio of 1.29 and a beta of 1.30. 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 Corporation has a 12-month low of $33.07 and a 12-month high of $49.31. The business's 50-day moving average is $45.53 and its 200-day moving average is $43.64.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping analysts' consensus estimates of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%. The business had revenue of ($22,273.00) million during the quarter, compared to analysts' expectations of $26.79 billion. During the same quarter in the prior year, the business posted $0.83 earnings per share. The business's quarterly revenue was up 4.3% on a year-over-year basis. As a group, sell-side analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.19%. The ex-dividend date was Friday, June 6th. Bank of America's payout ratio is 30.41%.

Analyst Ratings Changes

Several research firms recently weighed in on BAC. Barclays dropped their price target on Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Argus dropped their price target on Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Cfra Research lifted their price target on Bank of America to $47.00 and gave the company a "buy" rating in a research report on Wednesday, April 16th. The Goldman Sachs Group lifted their price target on 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, Piper Sandler lowered their price objective on 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. One research analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $50.03.

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.