St. Johns Investment Management Company LLC Has $2.40 Million Stake in Bank of America Corporation (NYSE:BAC)

St. Johns Investment Management Company LLC decreased its position in Bank of America Corporation (NYSE:BAC - Free Report) by 41.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 57,406 shares of the financial services provider's stock after selling 40,091 shares during the quarter. Bank of America accounts for approximately 1.2% of St. Johns Investment Management Company LLC's holdings, making the stock its 22nd largest position. St. Johns Investment Management Company LLC's holdings in Bank of America were worth $2,396,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Bank of America by 4.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider's stock worth $173,168,000 after acquiring an additional 173,021 shares during the period. OFI Invest Asset Management bought a new position in shares of Bank of America during the fourth quarter valued at approximately $60,679,000. Arizona State Retirement System raised its position in shares of Bank of America by 0.5% during the 4th quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider's stock worth $89,150,000 after purchasing an additional 10,377 shares during the period. Gradient Investments LLC raised its position in shares of Bank of America by 7.8% during the 1st quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider's stock worth $29,061,000 after purchasing an additional 50,296 shares during the period. Finally, Keybank National Association OH lifted its holdings in shares of Bank of America by 1.1% in the 4th quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider's stock worth $152,006,000 after purchasing an additional 38,258 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Price Performance

Shares of NYSE BAC traded up $0.19 during trading on Wednesday, hitting $46.85. The company had a trading volume of 33,529,657 shares, compared to its average volume of 39,846,958. Bank of America Corporation has a 52 week low of $33.07 and a 52 week high of $48.08. The business's 50-day moving average is $42.72 and its 200 day moving average is $43.30. The company has a market cap of $352.87 billion, a P/E ratio of 13.94, a PEG ratio of 1.26 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 issued its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The business had revenue of $27.37 billion for the quarter, compared to analysts' expectations of $26.83 billion. Equities research analysts predict 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 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. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.22%. Bank of America's payout ratio is presently 30.95%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on BAC. Argus lowered their price objective on Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. Keefe, Bruyette & Woods reduced their price target on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Wall Street Zen cut shares of Bank of America from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Truist Financial cut their price objective 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 assumed coverage on shares of Bank of America in a research note on Wednesday, May 14th. They set a "buy" rating for the company. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, nineteen have given a buy rating and four have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $47.40.

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.