Mutual of America Capital Management LLC Sells 29,676 Shares of Bank of America Corporation (NYSE:BAC)

Mutual of America Capital Management LLC lessened its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 3.7% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 770,041 shares of the financial services provider's stock after selling 29,676 shares during the period. Bank of America accounts for about 0.4% of Mutual of America Capital Management LLC's portfolio, making the stock its 27th largest position. Mutual of America Capital Management LLC's holdings in Bank of America were worth $32,134,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Gradient Investments LLC boosted its holdings in Bank of America by 7.8% in the first quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider's stock valued at $29,061,000 after acquiring an additional 50,296 shares during the last quarter. Prudential Financial Inc. lifted its stake in Bank of America by 13.7% in the fourth quarter. Prudential Financial Inc. now owns 6,251,802 shares of the financial services provider's stock valued at $274,767,000 after buying an additional 753,880 shares during the period. Employees Retirement System of Texas lifted its stake in Bank of America by 12.7% in the fourth quarter. Employees Retirement System of Texas now owns 158,455 shares of the financial services provider's stock valued at $69,640,000 after buying an additional 17,880 shares during the period. Prosperity Wealth Management Inc. acquired a new position in Bank of America in the first quarter valued at about $998,000. Finally, Alpha Cubed Investments LLC lifted its stake in Bank of America by 37.2% in the first quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider's stock valued at $2,714,000 after buying an additional 17,619 shares during the period. Institutional investors own 70.71% of the company's stock.

Bank of America Stock Down 0.6%

Shares of Bank of America stock opened at $46.71 on Friday. The business's 50 day simple moving average is $44.99 and its 200 day simple moving average is $43.56. Bank of America Corporation has a 52-week low of $33.07 and a 52-week high of $49.31. The firm has a market cap of $351.81 billion, a PE ratio of 13.90, a P/E/G ratio of 1.27 and a beta of 1.30. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79.

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

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were paid 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 yield of 2.23%. Bank of America's dividend payout ratio is 30.95%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Barclays cut their target price on Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Evercore ISI cut their target price on Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 1st. UBS Group increased their target price on Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a research note on Wednesday, April 16th. Robert W. Baird reissued a "neutral" rating and issued a $52.00 target price on shares of Bank of America in a research note on Friday, June 27th. Finally, Truist Financial raised their price target on Bank of America from $51.00 to $53.00 and gave the stock a "buy" rating in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Bank of America has an average rating of "Moderate Buy" and a consensus target price of $48.89.

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.

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