Generate Investment Management Ltd Decreases Position in Bank of America Corporation (NYSE:BAC)

Generate Investment Management Ltd trimmed its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 79.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 135,738 shares of the financial services provider's stock after selling 512,602 shares during the period. Generate Investment Management Ltd's holdings in Bank of America were worth $5,664,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of BAC. Graney & King LLC purchased a new position in Bank of America during the fourth quarter valued at $25,000. Fairway Wealth LLC purchased a new position in shares of Bank of America during the fourth quarter valued at approximately $29,000. Vega Investment Solutions purchased a new position in Bank of America during the fourth quarter valued at $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in Bank of America in the fourth quarter worth $31,000. Finally, Spurstone Advisory Services LLC purchased a new stake in shares of Bank of America in the fourth quarter worth $34,000. Hedge funds and other institutional investors own 70.71% of the company's stock.

Bank of America Price Performance

BAC traded up $0.66 on Thursday, hitting $47.51. 40,075,726 shares of the company's stock traded hands, compared to its average volume of 39,865,895. Bank of America Corporation has a one year low of $33.07 and a one year high of $48.08. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11. The firm has a market cap of $357.83 billion, a price-to-earnings ratio of 13.94, a P/E/G ratio of 1.27 and a beta of 1.30. The company's 50 day simple moving average is $42.91 and its 200-day simple moving average is $43.33.

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 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. The business had revenue of $27.37 billion for the quarter, compared to analysts' expectations of $26.83 billion. As a group, research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date is Friday, June 6th. Bank of America's dividend payout ratio (DPR) is presently 30.95%.

Analyst Upgrades and Downgrades

BAC has been the subject of several recent analyst reports. Robert W. Baird raised Bank of America from a "neutral" rating to an "outperform" rating and lifted their price target for the stock from $45.00 to $50.00 in a research report on Friday, March 7th. Truist Financial lowered their price objective on Bank of America from $50.00 to $47.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Baird R W upgraded Bank of America from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 7th. Argus reduced their price objective on Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Finally, Evercore ISI decreased their target price on Bank of America from $51.00 to $48.00 and set an "outperform" rating for the company in a research report on Tuesday, April 1st. Two analysts have rated the stock with a sell rating, four have issued a hold rating, nineteen have assigned a buy rating and four have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $47.56.

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.