First City Capital Management Inc. Sells 6,801 Shares of Bank of America Co. (NYSE:BAC)

First City Capital Management Inc. cut its position in shares of Bank of America Co. (NYSE:BAC) by 11.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 54,392 shares of the financial services provider's stock after selling 6,801 shares during the period. Bank of America makes up about 1.4% of First City Capital Management Inc.'s portfolio, making the stock its 18th biggest holding. First City Capital Management Inc.'s holdings in Bank of America were worth $2,270,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Collier Financial bought a new position in shares of Bank of America during the 4th quarter valued at approximately $25,000. Life Planning Partners Inc lifted its holdings in shares of Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock valued at $25,000 after acquiring an additional 545,936 shares during the last quarter. Graney & King LLC bought a new position in shares of Bank of America in the 4th quarter valued at about $25,000. Fairway Wealth LLC bought a new position in shares of Bank of America in the 4th quarter valued at about $29,000. Finally, Vega Investment Solutions bought a new position in shares of Bank of America in the 4th quarter valued at about $30,000. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Performance

Shares of Bank of America stock opened at $45.01 on Friday. The company has a market capitalization of $339.01 billion, a PE ratio of 13.98, a P/E/G ratio of 1.21 and a beta of 1.30. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The company has a 50-day simple moving average of $40.71 and a two-hundred day simple moving average of $43.50. Bank of America Co. has a one year low of $33.07 and a one year high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. The firm had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Research analysts expect that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.31%. Bank of America's dividend payout ratio (DPR) is currently 30.95%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. UBS Group raised their price objective on Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a research note on Wednesday, April 16th. Wall Street Zen lowered shares of Bank of America from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Phillip Securities upgraded shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. Piper Sandler lowered their target price on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a report on Wednesday, April 16th. Finally, Royal Bank of Canada decreased their price objective on shares of Bank of America from $50.00 to $45.00 and set an "outperform" 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 issued a hold rating, seventeen have issued a buy rating and four have issued a strong buy rating to the company. According to MarketBeat.com, Bank of America presently has a consensus rating of "Moderate Buy" and a consensus target price of $47.50.

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.

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Co. (NYSE:BAC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.