Means Investment CO. Inc. Has $5.25 Million Stock Position in Bank of America Corporation (NYSE:BAC)

Means Investment CO. Inc. trimmed its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 12.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 125,738 shares of the financial services provider's stock after selling 17,385 shares during the period. Means Investment CO. Inc.'s holdings in Bank of America were worth $5,247,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of BAC. Norges Bank acquired a new stake 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 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 purchasing an additional 17,031,143 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of 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 during the period. Amundi raised its position in shares of Bank of America by 37.1% during the 4th quarter. Amundi now owns 37,819,980 shares of the financial services provider's stock worth $1,747,658,000 after purchasing an additional 10,231,001 shares during the period. Finally, Northern Trust Corp lifted its holdings in shares of Bank of America by 17.2% in the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock worth $2,985,785,000 after purchasing an additional 9,980,859 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on BAC. TD Cowen started coverage on Bank of America in a research note on Thursday, May 15th. They set a "buy" rating and a $53.00 price objective for the company. Truist Financial lowered their price target on shares of 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. Phillip Securities raised shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. Evercore ISI cut their price objective on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 1st. Finally, UBS Group boosted their target price on shares of Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a research note on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have assigned a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $47.69.

Bank of America Price Performance

Bank of America stock traded up $0.45 during midday trading on Friday, hitting $45.51. The company's stock had a trading volume of 64,519,452 shares, compared to its average volume of 39,890,567. Bank of America Corporation has a 12 month low of $33.07 and a 12 month 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 company has a market capitalization of $342.78 billion, a PE ratio of 13.54, a price-to-earnings-growth ratio of 1.22 and a beta of 1.30. The stock's 50-day moving average price is $42.17 and its 200-day moving average price is $43.34.

Bank of America (NYSE:BAC - Get Free Report) last released its earnings results 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 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 the consensus estimate of $26.83 billion. Analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be issued a $0.26 dividend. 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 dividend payout ratio is currently 30.95%.

Bank of America 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.