Bank of America Corporation (NYSE:BAC) Stock Position Decreased by Securian Asset Management Inc.

Securian Asset Management Inc. decreased its position in Bank of America Corporation (NYSE:BAC) by 2.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 350,750 shares of the financial services provider's stock after selling 8,024 shares during the quarter. Securian Asset Management Inc.'s holdings in Bank of America were worth $14,637,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Graney & King LLC bought a new position in shares of Bank of America during the 4th quarter valued at $25,000. Vega Investment Solutions acquired a new position in Bank of America during the fourth quarter worth $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in Bank of America during the fourth quarter valued at about $31,000. Spurstone Advisory Services LLC bought a new position in Bank of America during the fourth quarter valued at about $34,000. Finally, Glass Jacobson Investment Advisors llc lifted its position in shares of Bank of America by 53.0% in the fourth quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider's stock worth $35,000 after buying an additional 276 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Stock Performance

Shares of NYSE BAC opened at $46.71 on Monday. The firm has a market capitalization of $351.81 billion, a price-to-earnings ratio of 13.90, a PEG ratio of 1.27 and a beta of 1.30. Bank of America Corporation has a one year low of $33.07 and a one year high of $49.31. The business has a fifty day simple moving average of $44.99 and a 200 day simple moving average of $43.55. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data 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. The company had revenue of $27.37 billion during the quarter, compared to analysts' expectations of $26.83 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. Sell-side analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

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

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. HSBC lowered Bank of America from a "buy" rating to a "hold" rating and increased their price objective for the company from $47.00 to $51.00 in a report on Monday, July 7th. Royal Bank Of Canada set a $53.00 price target on Bank of America and gave the company an "outperform" rating in a report on Monday, June 30th. Piper Sandler reduced their price objective 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. Keefe, Bruyette & Woods decreased their price objective on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Finally, The Goldman Sachs Group lifted their target price on shares of Bank of America from $46.00 to $52.00 and gave the stock a "buy" rating in a report on Tuesday, June 10th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Bank of America has a consensus rating of "Moderate Buy" and a consensus price target of $48.89.

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.

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