Rhumbline Advisers Has $512.55 Million Holdings in Bank of America Co. (NYSE:BAC)

Rhumbline Advisers reduced its position in Bank of America Co. (NYSE:BAC - Free Report) by 0.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,282,433 shares of the financial services provider's stock after selling 91,558 shares during the quarter. Bank of America accounts for approximately 0.5% of Rhumbline Advisers' investment portfolio, making the stock its 25th largest holding. Rhumbline Advisers owned approximately 0.16% of Bank of America worth $512,546,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Lederer & Associates Investment Counsel CA grew its holdings in Bank of America by 1.1% during the 4th quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider's stock valued at $879,000 after purchasing an additional 217 shares in the last quarter. Avalon Trust Co grew its holdings in Bank of America by 14.6% during the 4th quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider's stock worth $76,000 after acquiring an additional 219 shares in the last quarter. Prossimo Advisors LLC grew its holdings in Bank of America by 2.5% during the 4th quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider's stock worth $390,000 after acquiring an additional 220 shares in the last quarter. Consolidated Planning Corp grew its holdings in Bank of America by 2.9% during the 4th quarter. Consolidated Planning Corp now owns 8,092 shares of the financial services provider's stock worth $356,000 after acquiring an additional 226 shares in the last quarter. Finally, TAGStone Capital Inc. grew its holdings in Bank of America by 1.2% during the 4th quarter. TAGStone Capital Inc. now owns 19,802 shares of the financial services provider's stock worth $870,000 after acquiring an additional 227 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on BAC. Keefe, Bruyette & Woods reduced their price target 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. Phillip Securities upgraded shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, April 17th. Evercore ISI reduced their price target 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. Truist Financial reduced their price target on shares of Bank of America from $50.00 to $47.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Finally, Cowen started coverage on shares of Bank of America in a research report on Wednesday, May 14th. They issued a "buy" rating on the stock. Two research analysts have rated the stock with a sell rating, five have given a hold rating, seventeen have given a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $47.50.

Bank of America Stock Performance

Shares of Bank of America stock traded down $0.22 on Wednesday, reaching $44.43. The stock had a trading volume of 15,194,571 shares, compared to its average volume of 39,652,162. The business's 50-day moving average price is $40.53 and its two-hundred day moving average price is $43.52. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. Bank of America Co. has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The stock has a market cap of $334.64 billion, a P/E ratio of 13.80, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $27.37 billion during the quarter, compared to analysts' expectations of $26.83 billion. On average, sell-side analysts forecast that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's payout ratio is 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.