Csenge Advisory Group Sells 7,112 Shares of Bank of America Corporation (NYSE:BAC)

Csenge Advisory Group reduced its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 16.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 37,411 shares of the financial services provider's stock after selling 7,112 shares during the quarter. Csenge Advisory Group's holdings in Bank of America were worth $1,561,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in BAC. Norges Bank acquired a new stake in Bank of America during the fourth quarter worth about $5,226,989,000. Capital World Investors raised 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 valued at $3,876,853,000 after purchasing an additional 17,031,143 shares during the period. Price T Rowe Associates Inc. MD grew its stake in Bank of America by 10.6% during the 4th 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 purchasing an additional 11,691,451 shares in the last quarter. Northern Trust Corp boosted its position in shares of Bank of America by 17.2% during the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock worth $2,985,785,000 after acquiring an additional 9,980,859 shares in the last quarter. Finally, Deutsche Bank AG boosted its position in shares of Bank of America by 39.6% during the 4th quarter. Deutsche Bank AG now owns 33,152,004 shares of the financial services provider's stock worth $1,457,031,000 after acquiring an additional 9,409,076 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Price Performance

Shares of NYSE BAC traded up $0.43 during trading on Tuesday, hitting $47.91. The company had a trading volume of 20,265,571 shares, compared to its average volume of 40,392,954. The business's 50-day moving average is $45.53 and its 200 day moving average is $43.64. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. Bank of America Corporation has a 52 week low of $33.07 and a 52 week high of $49.31. The company has a market cap of $360.81 billion, a P/E ratio of 14.01, a PEG ratio of 1.29 and a beta of 1.30.

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 14.81% and a return on equity of 10.25%. The company had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate of $26.79 billion. During the same period in the previous year, the business earned $0.83 EPS. The company's revenue was up 4.3% on a year-over-year basis. Equities research analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date was Friday, June 6th. Bank of America's dividend payout ratio (DPR) is 30.41%.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of analyst reports. Cowen initiated coverage on Bank of America in a research note on Wednesday, May 14th. They set a "buy" rating for the company. Royal Bank Of Canada set a $53.00 price target on Bank of America and gave the stock an "outperform" rating in a report on Monday, June 30th. Argus lowered their target price on Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. HSBC cut Bank of America from a "buy" rating to a "hold" rating and increased their target price for the company from $47.00 to $51.00 in a report on Monday, July 7th. Finally, Piper Sandler lowered their target price on Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a report on Wednesday, April 16th. One analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of "Moderate Buy" and an average price target of $50.03.

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.