Hennessy Advisors Inc. Has $6.37 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Hennessy Advisors Inc. trimmed its position in Bank of America Co. (NYSE:BAC - Free Report) by 17.9% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 152,600 shares of the financial services provider's stock after selling 33,300 shares during the quarter. Hennessy Advisors Inc.'s holdings in Bank of America were worth $6,368,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Bank of America by 4.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider's stock valued at $173,168,000 after buying an additional 173,021 shares in the last quarter. OFI Invest Asset Management acquired a new stake in shares of Bank of America during the 4th quarter worth $60,679,000. Arizona State Retirement System grew its holdings in shares of Bank of America by 0.5% during the 4th quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider's stock worth $89,150,000 after purchasing an additional 10,377 shares in the last quarter. Gradient Investments LLC grew its holdings in shares of Bank of America by 7.8% during the 1st quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider's stock worth $29,061,000 after purchasing an additional 50,296 shares in the last quarter. Finally, Keybank National Association OH grew its holdings in shares of Bank of America by 1.1% during the 4th quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider's stock worth $152,006,000 after purchasing an additional 38,258 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Price Performance

Bank of America stock opened at $44.04 on Friday. Bank of America Co. has a 12 month low of $33.07 and a 12 month high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $331.67 billion, a PE ratio of 13.68, a P/E/G ratio of 1.21 and a beta of 1.30. The stock has a 50-day moving average price of $41.50 and a two-hundred day moving average price of $43.39.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data 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 return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Analysts expect that Bank of America Co. will post 3.7 EPS for the current 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 given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.36%. Bank of America's dividend payout ratio (DPR) is 30.95%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on BAC. Cfra Research increased their target price on Bank of America to $47.00 and gave the stock a "buy" rating in a report on Wednesday, April 16th. Baird R W raised Bank of America from a "hold" rating to a "strong-buy" rating in a report on Friday, March 7th. Citigroup reduced their target price on Bank of America from $54.00 to $50.00 and set a "buy" rating on the stock in a report on Monday, March 24th. Truist Financial reduced their target price on Bank of America from $50.00 to $47.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Finally, JPMorgan Chase & Co. reduced their price objective on 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. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have assigned a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $47.69.

Bank of America 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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