Boston Common Asset Management LLC Trims Holdings in Bank of America Co. (NYSE:BAC)

Boston Common Asset Management LLC trimmed its position in shares of Bank of America Co. (NYSE:BAC - Free Report) by 3.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 234,940 shares of the financial services provider's stock after selling 9,654 shares during the period. Boston Common Asset Management LLC's holdings in Bank of America were worth $9,804,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Norges Bank bought a new stake in Bank of America in the fourth quarter worth $5,226,989,000. Capital World Investors lifted its position in Bank of America by 23.9% in 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 buying an additional 17,031,143 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in 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 worth $5,381,126,000 after buying an additional 11,691,451 shares during the last quarter. Amundi lifted its position in Bank of America by 37.1% in the fourth quarter. Amundi now owns 37,819,980 shares of the financial services provider's stock worth $1,747,658,000 after buying an additional 10,231,001 shares during the last quarter. Finally, Northern Trust Corp lifted its position in Bank of America by 17.2% in the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock worth $2,985,785,000 after buying an additional 9,980,859 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

BAC has been the subject of a number of recent analyst reports. Barclays dropped their price target on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. TD Cowen initiated coverage on shares of Bank of America in a research note on Thursday, May 15th. They set a "buy" rating and a $53.00 price target for the company. Wall Street Zen cut shares of Bank of America from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Truist Financial dropped their price target on shares of Bank of America from $50.00 to $47.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. Finally, Piper Sandler dropped their price target 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. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, seventeen have issued a buy rating and four have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $47.50.

Bank of America Stock Down 0.2%

Shares of NYSE BAC traded down $0.10 during mid-day trading on Friday, reaching $44.14. 66,528,527 shares of the company were exchanged, compared to its average volume of 39,868,388. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock has a market cap of $332.46 billion, a price-to-earnings ratio of 13.71, a P/E/G ratio of 1.21 and a beta of 1.27. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08. The firm has a 50-day moving average of $40.45 and a 200 day moving average of $43.57.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating analysts' consensus estimates of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $27.37 billion during the quarter, compared to analysts' expectations of $26.83 billion. On average, research analysts expect that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's dividend payout ratio (DPR) is presently 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.