Chevy Chase Trust Holdings LLC decreased its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 0.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,562,510 shares of the financial services provider's stock after selling 28,395 shares during the period. Chevy Chase Trust Holdings LLC's holdings in Bank of America were worth $148,664,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Graney & King LLC acquired a new stake in shares of Bank of America in the fourth quarter worth $25,000. Fairway Wealth LLC bought a new position in Bank of America during the 4th quarter valued at $29,000. Vega Investment Solutions bought a new position in Bank of America during the 4th quarter valued at $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in shares of Bank of America in the 4th quarter worth about $31,000. Finally, Spurstone Advisory Services LLC bought a new position in shares of Bank of America in the 4th quarter worth about $34,000. Institutional investors and hedge funds own 70.71% of the company's stock.
Wall Street Analyst Weigh In
BAC has been the topic of several recent research reports. Cfra Research lifted their price objective on shares of Bank of America to $47.00 and gave the company a "buy" rating in a research report on Wednesday, April 16th. Citigroup raised their target price on shares of Bank of America from $50.00 to $54.00 and gave the company a "buy" rating in a research note on Thursday. Cowen began coverage on shares of Bank of America in a research note on Wednesday, May 14th. They issued a "buy" rating on the stock. Barclays decreased their target price on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Finally, Argus decreased their target price on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have given a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $47.65.
Read Our Latest Report on BAC
Bank of America Stock Performance
Shares of Bank of America stock traded down $0.35 on Friday, reaching $47.11. The stock had a trading volume of 56,663,548 shares, compared to its average volume of 39,974,881. Bank of America Corporation has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The business's 50-day moving average price is $43.31 and its two-hundred day moving average price is $43.35. The stock has a market cap of $354.85 billion, a P/E ratio of 14.02, a price-to-earnings-growth ratio of 1.28 and a beta of 1.30. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79.
Bank of America (NYSE:BAC - Get Free Report) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 analyst estimates of $26.83 billion. On average, sell-side analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.
Bank of America Dividend Announcement
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 issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.21%. The ex-dividend date is Friday, June 6th. Bank of America's dividend payout ratio (DPR) is presently 30.95%.
About Bank of America
(
Free Report)
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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