Gibraltar Capital Management Inc. Sells 20,061 Shares of Bank of America Corporation (NYSE:BAC)

Gibraltar Capital Management Inc. reduced its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 13.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 134,774 shares of the financial services provider's stock after selling 20,061 shares during the period. Gibraltar Capital Management Inc.'s holdings in Bank of America were worth $5,624,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Graney & King LLC bought a new position in Bank of America during the fourth quarter valued at about $25,000. Fairway Wealth LLC bought a new position in Bank of America during the fourth quarter valued at about $29,000. Vega Investment Solutions bought a new position in Bank of America during the fourth quarter valued at about $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in Bank of America during the fourth quarter valued at about $31,000. Finally, Spurstone Advisory Services LLC bought a new position in Bank of America during the fourth quarter valued at about $34,000. 70.71% of the stock is currently owned by institutional investors.

Bank of America Price Performance

NYSE BAC traded down $0.28 during trading on Wednesday, reaching $46.87. 46,217,283 shares of the company traded hands, compared to its average volume of 40,452,904. 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 stock's 50 day moving average price is $44.74 and its two-hundred day moving average price is $43.52. The company has a market cap of $353.02 billion, a price-to-earnings ratio of 13.95, a P/E/G ratio of 1.28 and a beta of 1.30. Bank of America Corporation has a 1-year low of $33.07 and a 1-year high of $49.31.

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 for the quarter, beating analysts' consensus estimates of $0.80 by $0.10. The company 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%. As a group, analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The company also recently announced 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 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date of this dividend was Friday, June 6th. Bank of America's dividend payout ratio (DPR) is currently 30.95%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on BAC. Robert W. Baird reaffirmed a "neutral" rating and issued a $52.00 price target on shares of Bank of America in a research report on Friday, June 27th. Royal Bank Of Canada set a $53.00 price target on Bank of America and gave the company an "outperform" rating in a research report on Monday, June 30th. UBS Group raised their price target on Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a research report on Wednesday, April 16th. The Goldman Sachs Group raised 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, Truist Financial raised their price target on Bank of America from $51.00 to $53.00 and gave the company a "buy" rating in a research report on Wednesday. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $48.59.

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.