Manning & Napier Advisors LLC trimmed its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 24.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 797,992 shares of the financial services provider's stock after selling 253,075 shares during the period. Manning & Napier Advisors LLC's holdings in Bank of America were worth $33,300,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also recently bought and sold shares of the company. Graney & King LLC acquired a new position in Bank of America in the 4th quarter worth about $25,000. Fairway Wealth LLC acquired a new stake in shares of Bank of America during the 4th quarter valued at about $29,000. Vega Investment Solutions bought a new stake in shares of Bank of America in the 4th quarter valued at approximately $30,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in Bank of America in the fourth quarter worth approximately $31,000. Finally, Spurstone Advisory Services LLC bought a new position in Bank of America during the fourth quarter valued at approximately $34,000. Institutional investors and hedge funds own 70.71% of the company's stock.
Bank of America Stock Performance
Shares of BAC stock traded up $0.45 during trading hours on Friday, reaching $45.51. 64,519,452 shares of the company's stock were exchanged, compared to its average volume of 39,802,976. Bank of America Corporation has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11. The stock has a market capitalization of $342.78 billion, a P/E ratio of 13.54, a P/E/G ratio of 1.23 and a beta of 1.30. The business has a fifty day moving average price of $42.36 and a 200-day moving average price of $43.28.
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 14.56% and a return on equity of 10.25%. The business had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal 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 issued a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.29%. Bank of America's payout ratio is 30.95%.
Wall Street Analysts Forecast Growth
BAC has been the subject of several recent research reports. UBS Group boosted their target price on shares of Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a research report on Wednesday, April 16th. The Goldman Sachs Group lifted their price objective on shares of Bank of America from $46.00 to $52.00 and gave the company a "buy" rating in a research note on Tuesday, June 10th. Cowen began coverage on shares of Bank of America in a report on Wednesday, May 14th. They issued a "buy" rating for the company. Robert W. Baird raised shares of Bank of America from a "neutral" rating to an "outperform" rating and increased their target price for the stock from $45.00 to $50.00 in a research report on Friday, March 7th. Finally, Truist Financial reduced their price target on Bank of America from $50.00 to $47.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Two 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 assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Bank of America has an average rating of "Moderate Buy" and a consensus price target of $47.69.
Get Our Latest Analysis on BAC
About Bank of America
(
Free Report)
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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