Smithbridge Asset Management Inc. DE Takes $460,000 Position in Bank of America Co. (NYSE:BAC)

Smithbridge Asset Management Inc. DE purchased a new position in Bank of America Co. (NYSE:BAC - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 11,012 shares of the financial services provider's stock, valued at approximately $460,000.

A number of other large investors have also bought and sold shares of the stock. Verity & Verity LLC increased its stake in Bank of America by 4.8% in the 1st quarter. Verity & Verity LLC now owns 24,574 shares of the financial services provider's stock worth $1,025,000 after purchasing an additional 1,116 shares during the period. NorthCrest Asset Manangement LLC increased its stake in shares of Bank of America by 1.9% during the first quarter. NorthCrest Asset Manangement LLC now owns 989,233 shares of the financial services provider's stock valued at $41,281,000 after buying an additional 18,890 shares during the period. Compagnie Lombard Odier SCmA purchased a new position in shares of Bank of America during the first quarter valued at approximately $66,759,000. Ferguson Wellman Capital Management Inc. increased its stake in shares of Bank of America by 43.4% during the first quarter. Ferguson Wellman Capital Management Inc. now owns 20,581 shares of the financial services provider's stock valued at $859,000 after buying an additional 6,226 shares during the period. Finally, FMB Wealth Management purchased a new position in shares of Bank of America during the first quarter valued at approximately $363,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Down 1.3%

Bank of America stock traded down $0.59 during mid-day trading on Friday, hitting $44.04. The company had a trading volume of 43,276,878 shares, compared to its average volume of 39,751,325. 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 stock's 50 day moving average price is $41.32 and its two-hundred day moving average price is $43.44. Bank of America Co. has a 12 month low of $33.07 and a 12 month high of $48.08. The company has a market capitalization of $331.67 billion, a PE ratio of 13.68, a price-to-earnings-growth ratio of 1.21 and a beta of 1.30.

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 the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced 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. 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 30.95%.

Analyst Upgrades and Downgrades

BAC has been the topic of several research analyst reports. Citigroup reduced their target price on Bank of America from $54.00 to $50.00 and set a "buy" rating on the stock in a research note on Monday, March 24th. Evercore ISI reduced 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. Royal Bank of Canada reduced their target price on Bank of America from $50.00 to $45.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 16th. Truist Financial reduced their target price on Bank of America from $50.00 to $47.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. Finally, Oppenheimer reissued an "outperform" rating on shares of Bank of America in a research note on Thursday, May 22nd. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have issued a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $47.69.

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.