Summit Global Investments Has $590,000 Stake in Bank of America Co. (NYSE:BAC)

Summit Global Investments trimmed its holdings in shares of Bank of America Co. (NYSE:BAC - Free Report) by 85.5% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 14,148 shares of the financial services provider's stock after selling 83,408 shares during the period. Summit Global Investments' holdings in Bank of America were worth $590,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. Brighton Jones LLC lifted its position 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. New Wave Wealth Advisors LLC purchased a new stake in shares of Bank of America in the 4th quarter valued at approximately $165,000. Heck Capital Advisors LLC purchased a new stake in shares of Bank of America in the 4th quarter valued at approximately $429,000. Waldron Private Wealth LLC lifted its position in shares of Bank of America by 96.6% in the 4th quarter. Waldron Private Wealth LLC now owns 111,122 shares of the financial services provider's stock valued at $4,884,000 after acquiring an additional 54,587 shares in the last quarter. Finally, Concord Asset Management LLC VA lifted its position in shares of Bank of America by 9.2% in the 4th quarter. Concord Asset Management LLC VA now owns 17,326 shares of the financial services provider's stock valued at $761,000 after acquiring an additional 1,458 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. JPMorgan Chase & Co. reduced their price target on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating for the company in a research report on Thursday, April 3rd. Citigroup cut their target price on shares of Bank of America from $54.00 to $50.00 and set a "buy" rating for the company in a research report on Monday, March 24th. Truist Financial cut their target price on shares of Bank of America from $50.00 to $47.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Keefe, Bruyette & Woods cut their target price on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a research report on Wednesday, April 16th. Finally, Royal Bank of Canada cut their target price on shares of Bank of America from $50.00 to $45.00 and set an "outperform" rating for the company in a research report on Wednesday, April 16th. Two investment 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 stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $47.50.

Bank of America Stock Down 0.2%

Shares of Bank of America stock traded down $0.10 during midday trading on Friday, reaching $44.14. 66,528,527 shares of the company's stock traded hands, compared to its average volume of 39,794,828. The company has a market cap of $332.46 billion, a price-to-earnings ratio of 13.71, a price-to-earnings-growth 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 debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The company's 50 day simple moving average is $40.46 and its 200 day simple moving average is $43.54.

Bank of America (NYSE:BAC - Get Free Report) last announced 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. The firm 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%. Equities analysts expect that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.36%. Bank of America's dividend payout ratio (DPR) is presently 30.95%.

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.