Park National Corp OH lowered its position in Bank of America Co. (NYSE:BAC - Free Report) by 8.4% during the first quarter, according to its most recent filing with the SEC. The firm owned 73,453 shares of the financial services provider's stock after selling 6,744 shares during the period. Park National Corp OH's holdings in Bank of America were worth $3,065,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Brighton Jones LLC increased its stake in shares of Bank of America by 30.0% in the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock valued at $4,785,000 after acquiring an additional 25,143 shares in the last quarter. BSW Wealth Partners bought a new stake in shares of Bank of America in the 4th quarter valued at $251,000. R Squared Ltd bought a new stake in shares of Bank of America in the 4th quarter valued at $84,000. Strategic Blueprint LLC increased its stake in shares of Bank of America by 5.5% in the 4th quarter. Strategic Blueprint LLC now owns 24,830 shares of the financial services provider's stock valued at $1,091,000 after acquiring an additional 1,293 shares in the last quarter. Finally, Foster & Motley Inc. increased its stake in Bank of America by 29.5% during the 4th quarter. Foster & Motley Inc. now owns 19,855 shares of the financial services provider's stock valued at $873,000 after purchasing an additional 4,520 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.
Analysts Set New Price Targets
A number of brokerages have commented on BAC. Piper Sandler decreased their price target on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a research note on Wednesday, April 16th. Truist Financial decreased 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 note on Wednesday, April 16th. Cfra Research boosted their price target on shares of Bank of America to $47.00 and gave the company a "buy" rating in a research note on Wednesday, April 16th. Wall Street Zen lowered shares of Bank of America from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Finally, Oppenheimer restated an "outperform" rating on shares of Bank of America in a research note on Thursday, May 22nd. Two research analysts have rated the stock with a sell rating, five have given a hold rating, seventeen have issued a buy rating and four have issued a strong buy rating to the company. According to MarketBeat.com, Bank of America presently has a consensus rating of "Moderate Buy" and a consensus target price of $47.50.
Check Out Our Latest Research Report on BAC
Bank of America Stock Performance
Shares of NYSE:BAC traded down $0.10 during midday trading on Friday, reaching $44.14. The company had a trading volume of 66,528,527 shares, compared to its average volume of 39,868,388. The stock has a market cap of $332.46 billion, a P/E ratio of 13.71, a P/E/G ratio of 1.21 and a beta of 1.27. Bank of America Co. has a 52-week low of $33.07 and a 52-week high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The company's 50 day moving average price is $40.46 and its 200 day moving average price is $43.56.
Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.7 EPS for the current fiscal year.
Bank of America Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.36%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's dividend payout ratio (DPR) is presently 30.95%.
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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