Meadow Creek Wealth Advisors LLC Sells 17,094 Shares of Bank of America Corporation (NYSE:BAC)

Meadow Creek Wealth Advisors LLC lowered its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 41.6% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 24,046 shares of the financial services provider's stock after selling 17,094 shares during the quarter. Meadow Creek Wealth Advisors LLC's holdings in Bank of America were worth $1,003,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of BAC. Geode Capital Management LLC grew its holdings in shares of Bank of America by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider's stock valued at $6,243,000,000 after purchasing an additional 2,033,229 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake 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 valued at $5,381,126,000 after purchasing an additional 11,691,451 shares in the last quarter. Norges Bank bought a new position in Bank of America during the 4th quarter valued at $5,226,989,000. Capital World Investors lifted its position 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 acquiring an additional 17,031,143 shares during the last quarter. Finally, Northern Trust Corp lifted its position in shares of Bank of America by 17.2% during the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock valued at $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.

Bank of America Stock Performance

BAC traded up $0.31 during midday trading on Thursday, reaching $49.02. The company's stock had a trading volume of 13,376,766 shares, compared to its average volume of 39,993,306. The company has a fifty day simple moving average of $43.91 and a 200 day simple moving average of $43.39. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11. Bank of America Corporation has a twelve month low of $33.07 and a twelve month high of $49.30. The stock has a market cap of $369.18 billion, a P/E ratio of 14.59, a PEG ratio of 1.31 and a beta of 1.30.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The company had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were given a $0.26 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.12%. Bank of America's dividend payout ratio is currently 30.95%.

Analyst Ratings Changes

BAC has been the subject of a number of research analyst reports. Cfra Research increased their target price on Bank of America to $47.00 and gave the company a "buy" rating in a report on Wednesday, April 16th. JPMorgan Chase & Co. cut their price target on Bank of America from $49.50 to $43.50 and set an "overweight" rating for the company in a research note on Thursday, April 3rd. Robert W. Baird reaffirmed a "neutral" rating and set a $52.00 price target on shares of Bank of America in a research note on Friday, June 27th. The Goldman Sachs Group raised their price target on Bank of America from $46.00 to $52.00 and gave the stock a "buy" rating in a research note on Tuesday, June 10th. Finally, Truist Financial lowered their price objective on Bank of America from $50.00 to $47.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, eighteen have issued a buy rating and two have assigned 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 an average target price of $47.98.

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.