LS Investment Advisors LLC Has $11.50 Million Stake in Bank of America Co. (NYSE:BAC)

LS Investment Advisors LLC lowered its stake in Bank of America Co. (NYSE:BAC - Free Report) by 2.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 275,665 shares of the financial services provider's stock after selling 7,159 shares during the quarter. Bank of America comprises approximately 1.8% of LS Investment Advisors LLC's investment portfolio, making the stock its 19th biggest holding. LS Investment Advisors LLC's holdings in Bank of America were worth $11,503,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Brighton Jones LLC lifted its holdings in shares of Bank of America by 30.0% in 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. Mather Group LLC. raised its position in Bank of America by 1.1% in the 4th quarter. Mather Group LLC. now owns 35,135 shares of the financial services provider's stock valued at $1,544,000 after buying an additional 395 shares during the last quarter. Ninety One SA PTY Ltd bought a new stake in Bank of America in the 4th quarter valued at approximately $18,361,000. ARGA Investment Management LP boosted its position in Bank of America by 60.7% during the 4th quarter. ARGA Investment Management LP now owns 376,277 shares of the financial services provider's stock worth $16,537,000 after acquiring an additional 142,087 shares during the last quarter. Finally, 1858 Wealth Management LLC acquired a new position in Bank of America during the 4th quarter worth approximately $206,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Wall Street Analyst Weigh In

BAC has been the topic of a number of research reports. Keefe, Bruyette & Woods cut their price objective on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 16th. Argus cut their price target on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. TD Cowen initiated coverage on Bank of America in a report on Thursday, May 15th. They issued a "buy" rating and a $53.00 price objective for the company. Piper Sandler dropped their target price on Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a report on Wednesday, April 16th. Finally, Royal Bank of Canada decreased their price target on Bank of America from $50.00 to $45.00 and set an "outperform" rating for the company in a research note on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, seventeen have given a buy rating and four have issued a strong buy rating to the company's stock. According to MarketBeat, Bank of America has a consensus rating of "Moderate Buy" and a consensus price target of $47.50.

Bank of America Stock Performance

Shares of BAC stock traded up $0.63 on Friday, hitting $45.01. The company's stock had a trading volume of 36,995,447 shares, compared to its average volume of 39,742,684. Bank of America Co. has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The stock's 50 day moving average is $40.64 and its 200-day moving average is $43.51. The company has a market capitalization of $339.01 billion, a PE ratio of 13.98, a PEG ratio of 1.21 and a beta of 1.27.

Bank of America (NYSE:BAC - Get Free Report) last announced its earnings results 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 net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Equities research analysts expect that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

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