Kestra Private Wealth Services LLC Cuts Position in Bank of America Corporation (NYSE:BAC)

Kestra Private Wealth Services LLC lessened its position in Bank of America Corporation (NYSE:BAC - Free Report) by 1.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 361,060 shares of the financial services provider's stock after selling 5,663 shares during the quarter. Kestra Private Wealth Services LLC's holdings in Bank of America were worth $15,067,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Geode Capital Management LLC increased its holdings in Bank of America by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider's stock worth $6,243,000,000 after purchasing an additional 2,033,229 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Bank of America by 10.6% during the fourth 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 buying an additional 11,691,451 shares in the last quarter. Norges Bank purchased a new stake in shares of Bank of America during the fourth quarter worth approximately $5,226,989,000. Capital World Investors raised its holdings in 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 acquiring an additional 17,031,143 shares in the last quarter. Finally, Northern Trust Corp lifted its stake 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 worth $2,985,785,000 after acquiring an additional 9,980,859 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Truist Financial raised their price objective on shares of Bank of America from $51.00 to $53.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. Argus cut their price target on Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. Evercore ISI lowered their price objective on Bank of America from $51.00 to $48.00 and set an "outperform" rating for the company in a research report on Tuesday, April 1st. Citigroup raised their target price on Bank of America from $50.00 to $54.00 and gave the stock a "buy" rating in a research report on Thursday, June 26th. Finally, Robert W. Baird reiterated a "neutral" rating and issued a $52.00 price target on shares of Bank of America in a research note on Friday, June 27th. One analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Bank of America presently has an average rating of "Moderate Buy" and a consensus target price of $50.03.

Bank of America Stock Performance

Shares of BAC stock traded up $0.31 during mid-day trading on Friday, hitting $47.33. The stock had a trading volume of 48,220,966 shares, compared to its average volume of 40,501,913. The firm has a market cap of $356.48 billion, a PE ratio of 13.84, a PEG ratio of 1.29 and a beta of 1.30. The company's 50-day simple moving average is $45.53 and its 200-day simple moving average is $43.64. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.78. Bank of America Corporation has a fifty-two week low of $33.07 and a fifty-two week high of $49.31.

Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating analysts' consensus estimates of $0.86 by $0.03. The company had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%. Bank of America's quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.83 earnings per share. Sell-side analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date was Friday, June 6th. Bank of America's payout ratio is currently 30.41%.

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.