Envestnet Portfolio Solutions Inc. Sells 52,503 Shares of Bank of America Corporation (NYSE:BAC)

Envestnet Portfolio Solutions Inc. reduced its holdings in shares of Bank of America Corporation (NYSE:BAC) by 10.0% in the first quarter, according to its most recent filing with the SEC. The fund owned 474,687 shares of the financial services provider's stock after selling 52,503 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Bank of America were worth $19,809,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. Geode Capital Management LLC boosted its stake in shares of Bank of America by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider's stock valued at $6,243,000,000 after purchasing an additional 2,033,229 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings 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 valued at $5,381,126,000 after buying an additional 11,691,451 shares in the last quarter. Norges Bank purchased a new stake in Bank of America in the 4th quarter valued at about $5,226,989,000. Capital World Investors boosted its position in Bank of America by 23.9% in the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock valued at $3,876,853,000 after buying an additional 17,031,143 shares during the period. Finally, Northern Trust Corp grew its stake in Bank of America by 17.2% in 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. Hedge funds and other institutional investors own 70.71% of the company's stock.

Bank of America Trading Up 1.8%

NYSE BAC opened at $45.02 on Thursday. Bank of America Corporation has a 12-month low of $33.07 and a 12-month high of $48.08. The company has a fifty day simple moving average of $41.98 and a two-hundred day simple moving average of $43.35. 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 stock has a market cap of $339.09 billion, a P/E ratio of 13.40, a P/E/G ratio of 1.20 and a beta of 1.30.

Bank of America (NYSE:BAC - Get Free Report) last issued 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. The company had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. On average, analysts forecast that Bank of America Corporation will post 3.7 earnings per share 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. Investors of record on Friday, June 6th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.31%. Bank of America's dividend payout ratio (DPR) is presently 30.95%.

Analyst Upgrades and Downgrades

BAC has been the subject of several research analyst reports. Robert W. Baird raised shares of Bank of America from a "neutral" rating to an "outperform" rating and lifted their price target for the company from $45.00 to $50.00 in a research note on Friday, March 7th. Truist Financial decreased their target price on Bank of America from $50.00 to $47.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. JPMorgan Chase & Co. dropped their price target on Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a research report on Thursday, April 3rd. Cowen initiated coverage on Bank of America in a research note on Wednesday, May 14th. They set a "buy" rating on the stock. Finally, Citigroup lowered their price objective on shares of Bank of America from $54.00 to $50.00 and set a "buy" rating for the company in a research note on Monday, March 24th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have issued a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $47.69.

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.

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