Hudson Valley Investment Advisors Inc. ADV Cuts Stock Holdings in Bank of America Co. (NYSE:BAC)

Hudson Valley Investment Advisors Inc. ADV reduced its position in shares of Bank of America Co. (NYSE:BAC) by 7.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 89,143 shares of the financial services provider's stock after selling 7,485 shares during the period. Hudson Valley Investment Advisors Inc. ADV's holdings in Bank of America were worth $3,720,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Bank of America in the fourth quarter valued at approximately $5,226,989,000. Capital World Investors grew its position in shares of 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 in the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Bank of America by 10.6% in the fourth 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 purchasing an additional 11,691,451 shares in the last quarter. Amundi grew its position in shares of Bank of America by 37.1% in the fourth quarter. Amundi now owns 37,819,980 shares of the financial services provider's stock valued at $1,747,658,000 after purchasing an additional 10,231,001 shares in the last quarter. Finally, Northern Trust Corp grew its position in shares of Bank of America by 17.2% in the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock valued at $2,985,785,000 after purchasing an additional 9,980,859 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BAC has been the subject of a number of analyst reports. Baird R W upgraded Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 7th. Piper Sandler lowered their price objective on Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a research report on Wednesday, April 16th. Cowen began coverage on Bank of America in a research report on Wednesday, May 14th. They issued a "buy" rating for the company. UBS Group increased their price objective on Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a research report on Wednesday, April 16th. Finally, Cfra Research increased their price objective on Bank of America to $47.00 and gave the stock a "buy" rating in a research report on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, seventeen have assigned a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $47.50.

Bank of America Stock Up 1.4%

Bank of America stock opened at $45.01 on Friday. Bank of America Co. has a 1-year low of $33.07 and a 1-year high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The stock has a market cap 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 stock's fifty day moving average is $40.71 and its two-hundred day moving average is $43.50.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating 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 for the quarter, compared to analysts' expectations of $26.83 billion. On average, sell-side analysts expect that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be issued 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 payout ratio is 30.95%.

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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