Johnson Investment Counsel Inc. Has $9.81 Million Stock Holdings in Bank of America Corporation (NYSE:BAC)

Johnson Investment Counsel Inc. decreased its holdings in Bank of America Corporation (NYSE:BAC) by 2.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 235,187 shares of the financial services provider's stock after selling 6,548 shares during the period. Johnson Investment Counsel Inc.'s holdings in Bank of America were worth $9,814,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of BAC. Norges Bank acquired a new position in Bank of America during the fourth quarter worth about $5,226,989,000. Capital World Investors grew its holdings in shares of Bank of America by 23.9% during 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 purchasing an additional 17,031,143 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position 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 worth $5,381,126,000 after purchasing an additional 11,691,451 shares in the last quarter. Amundi lifted its stake in Bank of America by 37.1% in the 4th 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 during the last quarter. Finally, Northern Trust Corp boosted its position in 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 buying an additional 9,980,859 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Stock Performance

Shares of Bank of America stock opened at $45.02 on Friday. The business has a 50-day moving average price of $42.17 and a two-hundred day moving average price of $43.34. Bank of America Corporation has a 1-year low of $33.07 and a 1-year high of $48.08. 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 company has a market cap of $339.09 billion, a P/E ratio of 13.40, a PEG ratio of 1.22 and a beta of 1.30.

Bank of America (NYSE:BAC - Get Free Report) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating the consensus estimate of $0.80 by $0.10. The company had revenue of $27.37 billion for 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%. As a group, analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

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. This represents a $1.04 annualized dividend and a dividend yield of 2.31%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's dividend payout ratio (DPR) is 30.95%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on BAC shares. Keefe, Bruyette & Woods lowered their price target on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Piper Sandler lowered their target price on Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a report on Wednesday, April 16th. TD Cowen began coverage on Bank of America in a research note on Thursday, May 15th. They set a "buy" rating and a $53.00 price target on the stock. Phillip Securities upgraded Bank of America from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. Finally, The Goldman Sachs Group raised their price objective on shares of Bank of America from $46.00 to $52.00 and gave the company a "buy" rating in a report on Tuesday, June 10th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have given a buy rating and four have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $47.69.

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.

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