Bryn Mawr Capital Management LLC Sells 42,467 Shares of Bank of America Corporation (NYSE:BAC)

Bryn Mawr Capital Management LLC reduced its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 72.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 15,972 shares of the financial services provider's stock after selling 42,467 shares during the quarter. Bryn Mawr Capital Management LLC's holdings in Bank of America were worth $667,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. TAGStone Capital Inc. raised its position in shares of Bank of America by 1.2% in the 4th quarter. TAGStone Capital Inc. now owns 19,802 shares of the financial services provider's stock valued at $870,000 after buying an additional 227 shares in the last quarter. Hayek Kallen Investment Management boosted its position in shares of Bank of America by 2.0% during the 4th quarter. Hayek Kallen Investment Management now owns 12,022 shares of the financial services provider's stock worth $528,000 after acquiring an additional 233 shares in the last quarter. Continuum Advisory LLC increased its stake in Bank of America by 1.4% in the fourth quarter. Continuum Advisory LLC now owns 16,707 shares of the financial services provider's stock valued at $734,000 after acquiring an additional 237 shares during the last quarter. Menard Financial Group LLC raised its position in Bank of America by 1.2% during the fourth quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider's stock valued at $906,000 after purchasing an additional 240 shares in the last quarter. Finally, Hancock Whitney Corp lifted its stake in Bank of America by 0.3% during the fourth quarter. Hancock Whitney Corp now owns 89,203 shares of the financial services provider's stock worth $3,920,000 after purchasing an additional 260 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on BAC shares. Cowen initiated coverage on shares of Bank of America in a report on Wednesday, May 14th. They issued a "buy" rating for the company. Baird R W downgraded shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Friday, June 27th. Truist Financial boosted their target price on shares of Bank of America from $51.00 to $53.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. Evercore ISI dropped their price target on Bank of America from $51.00 to $48.00 and set an "outperform" rating for the company in a research note on Tuesday, April 1st. Finally, Morgan Stanley raised their price objective on Bank of America from $47.00 to $49.00 and gave the company an "overweight" rating in a report on Monday, June 23rd. One research analyst has rated the stock with a sell rating, six have given a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $49.55.

Bank of America Price Performance

Bank of America stock traded up $0.99 during midday trading on Thursday, reaching $47.02. 38,434,420 shares of the stock traded hands, compared to its average volume of 40,551,897. The stock has a market cap of $354.11 billion, a P/E ratio of 13.98, a PEG ratio of 1.26 and a beta of 1.30. The stock's fifty day moving average is $45.32 and its 200-day moving average is $43.60. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11. Bank of America Corporation has a 12 month low of $33.07 and a 12 month high of $49.31.

Bank of America (NYSE:BAC - Get Free Report) last announced its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.03. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. The firm had revenue of ($22,273.00) million for the quarter, compared to analysts' expectations of $26.79 billion. During the same period in the prior year, the company earned $0.83 EPS. The business's revenue was up 4.3% compared to the same quarter last year. As a group, equities research analysts anticipate 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. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date of this dividend was Friday, June 6th. Bank of America's dividend payout ratio (DPR) is 30.95%.

Bank of America Company 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.