Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. Reduces Stock Holdings in Bank of America Corporation (NYSE:BAC)

Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. reduced its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 98.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,012 shares of the financial services provider's stock after selling 880,362 shares during the period. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A.'s holdings in Bank of America were worth $460,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in BAC. Graney & King LLC bought a new position in Bank of America in the 4th quarter worth approximately $25,000. Vega Investment Solutions bought a new position in shares of Bank of America during the fourth quarter worth $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in Bank of America during the fourth quarter valued at $31,000. Spurstone Advisory Services LLC bought a new stake in Bank of America in the 4th quarter valued at $34,000. Finally, Glass Jacobson Investment Advisors llc increased its holdings in Bank of America by 53.0% in the 4th quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider's stock valued at $35,000 after acquiring an additional 276 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on BAC shares. Keefe, Bruyette & Woods decreased their target price 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. Piper Sandler decreased their price objective on Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 16th. Baird R W lowered Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Friday, June 27th. Argus cut their target price on 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. Finally, Hsbc Global Res lowered Bank of America from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 8th. One research analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $50.03.

Bank of America Stock Performance

Bank of America stock traded up $0.29 during mid-day trading on Tuesday, reaching $47.77. 34,728,341 shares of the company traded hands, compared to its average volume of 40,436,348. Bank of America Corporation has a fifty-two week low of $33.07 and a fifty-two week high of $49.31. The firm's fifty day moving average is $45.53 and its two-hundred day moving average is $43.64. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The company has a market capitalization of $359.77 billion, a price-to-earnings ratio of 13.97, a price-to-earnings-growth ratio of 1.85 and a beta of 1.30.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating the consensus estimate of $0.86 by $0.03. The business had revenue of ($22,273.00) million during the quarter, compared to analysts' expectations of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business's quarterly revenue was up 4.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.83 EPS. On average, equities research analysts expect 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 was paid on Friday, June 27th. Investors of record on Friday, June 6th were paid a $0.26 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.18%. Bank of America's dividend payout ratio is currently 30.41%.

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.