Gateway Investment Advisers LLC Decreases Holdings in Bank of America Co. (NYSE:BAC)

Gateway Investment Advisers LLC trimmed its holdings in shares of Bank of America Co. (NYSE:BAC - Free Report) by 3.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,052,586 shares of the financial services provider's stock after selling 79,827 shares during the period. Bank of America comprises approximately 1.0% of Gateway Investment Advisers LLC's portfolio, making the stock its 21st largest position. Gateway Investment Advisers LLC's holdings in Bank of America were worth $85,654,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Brighton Jones LLC increased its stake in shares of Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock valued at $4,785,000 after purchasing an additional 25,143 shares in the last quarter. YANKCOM Partnership bought a new position in Bank of America in the 4th quarter worth $154,000. Beacon Financial Advisory LLC boosted its position in shares of Bank of America by 9.6% during the fourth quarter. Beacon Financial Advisory LLC now owns 7,611 shares of the financial services provider's stock worth $335,000 after acquiring an additional 666 shares during the last quarter. Financial Advocates Investment Management grew its holdings in Bank of America by 1.4% during the 4th quarter. Financial Advocates Investment Management now owns 30,600 shares of the financial services provider's stock valued at $1,345,000 after buying an additional 428 shares in the last quarter. Finally, GHP Investment Advisors Inc. grew its position in Bank of America by 0.7% in the fourth quarter. GHP Investment Advisors Inc. now owns 131,299 shares of the financial services provider's stock worth $5,771,000 after acquiring an additional 950 shares in the last quarter. Institutional investors own 70.71% of the company's stock.

Bank of America Stock Performance

BAC traded up $0.63 during trading on Friday, hitting $45.01. 36,995,447 shares of the stock were exchanged, compared to its average volume of 39,747,065. The stock has a fifty day moving average price of $40.71 and a two-hundred day moving average price of $43.50. Bank of America Co. has a 1-year low of $33.07 and a 1-year high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $339.01 billion, a P/E ratio of 13.98, a PEG ratio of 1.21 and a beta of 1.30.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results 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 business had revenue of $27.37 billion during the quarter, compared to analysts' expectations of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. As a group, sell-side analysts predict that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

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

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. TD Cowen assumed coverage on shares of Bank of America in a report on Thursday, May 15th. They set a "buy" rating and a $53.00 price objective for the company. Royal Bank of Canada dropped their price target on Bank of America from $50.00 to $45.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 16th. Truist Financial cut their price objective on shares of Bank of America from $50.00 to $47.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. JPMorgan Chase & Co. lowered their target price on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a research note on Thursday, April 3rd. Finally, Argus cut their price target 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 research analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have given a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat.com, Bank of America has a consensus rating of "Moderate Buy" and a consensus price target of $47.50.

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.