Welch Group LLC Has $1.16 Million Holdings in Bank of America Co. (NYSE:BAC)

Welch Group LLC lessened its position in shares of Bank of America Co. (NYSE:BAC - Free Report) by 19.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 28,011 shares of the financial services provider's stock after selling 6,689 shares during the period. Welch Group LLC's holdings in Bank of America were worth $1,155,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Lederer & Associates Investment Counsel CA boosted its stake in Bank of America by 1.1% in the fourth quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider's stock worth $879,000 after purchasing an additional 217 shares in the last quarter. Avalon Trust Co boosted its stake in Bank of America by 14.6% in the fourth quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider's stock worth $76,000 after purchasing an additional 219 shares in the last quarter. Prossimo Advisors LLC lifted its position 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 buying an additional 220 shares in the last quarter. Keudell Morrison Wealth Management lifted its position in Bank of America by 2.8% during the 4th quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider's stock worth $364,000 after buying an additional 223 shares in the last quarter. Finally, Consolidated Planning Corp lifted its position 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 buying an additional 226 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Wall Street Analyst Weigh In

BAC has been the topic of several research reports. TD Cowen assumed coverage on shares of Bank of America in a research report on Thursday, May 15th. They set a "buy" rating and a $53.00 price target on the stock. Wall Street Zen downgraded Bank of America from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Citigroup reduced their price objective on Bank of America from $54.00 to $50.00 and set a "buy" rating on the stock in a report on Monday, March 24th. Piper Sandler cut their price objective on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a report on Wednesday, April 16th. Finally, Oppenheimer reiterated an "outperform" rating on shares of Bank of America in a research report on Thursday, May 22nd. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have assigned a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $47.50.

Bank of America Stock Down 0.2%

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 39,868,402. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The business's 50 day moving average price is $40.46 and its 200 day moving average price is $43.56. The stock has a market cap of $332.46 billion, a PE ratio of 13.71, a P/E/G ratio of 1.21 and a beta of 1.27. Bank of America Co. has a 1-year low of $33.07 and a 1-year high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share 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 analyst estimates of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Research analysts forecast that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

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 dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.36%. Bank of America's payout ratio is 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.