Yousif Capital Management LLC Has $39.04 Million Stock Position in Bank of America Co. (NYSE:BAC)

Yousif Capital Management LLC cut its holdings in Bank of America Co. (NYSE:BAC - Free Report) by 2.4% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 935,443 shares of the financial services provider's stock after selling 22,527 shares during the quarter. Bank of America makes up 0.5% of Yousif Capital Management LLC's portfolio, making the stock its 27th largest position. Yousif Capital Management LLC's holdings in Bank of America were worth $39,036,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Geode Capital Management LLC increased its position in Bank of America by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider's stock worth $6,243,000,000 after purchasing an additional 2,033,229 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of Bank of America by 10.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock valued at $5,381,126,000 after purchasing an additional 11,691,451 shares during the last quarter. Norges Bank acquired a new stake in shares of Bank of America during the 4th quarter worth approximately $5,226,989,000. Capital World Investors raised its stake in shares of Bank of America by 23.9% during the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock worth $3,876,853,000 after buying an additional 17,031,143 shares during the last quarter. Finally, Northern Trust Corp raised its stake in shares of Bank of America by 17.2% during the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock worth $2,985,785,000 after buying an additional 9,980,859 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Down 1.3%

Bank of America stock traded down $0.59 during mid-day trading on Friday, reaching $44.04. The company's stock had a trading volume of 43,276,878 shares, compared to its average volume of 39,751,325. 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 12 month low of $33.07 and a 12 month high of $48.08. The business's 50 day simple moving average is $41.32 and its 200 day simple moving average is $43.44. The company has a market capitalization of $331.67 billion, a price-to-earnings 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 announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating 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 company had revenue of $27.37 billion during the quarter, compared to analysts' expectations of $26.83 billion. As a group, research analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The business 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 dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's dividend payout ratio is currently 30.95%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on BAC shares. Truist Financial reduced 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 note on Wednesday, April 16th. Barclays reduced their price target on Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Cowen began coverage on Bank of America in a report on Wednesday, May 14th. They issued a "buy" rating for the company. Wall Street Zen lowered Bank of America from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Finally, Piper Sandler reduced their target price on Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a report on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have issued a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price 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.