Analyst IMS Investment Management Services Ltd. cut its position in Bank of America Corp (NYSE:BAC) by 78.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 13,365 shares of the financial services provider’s stock after selling 47,674 shares during the quarter. Analyst IMS Investment Management Services Ltd.’s holdings in Bank of America were worth $284,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. InterOcean Capital LLC raised its position in Bank of America by 10.7% in the first quarter. InterOcean Capital LLC now owns 481,084 shares of the financial services provider’s stock valued at $10,213,000 after purchasing an additional 46,320 shares during the last quarter. Tredje AP fonden raised its position in Bank of America by 113.3% in the first quarter. Tredje AP fonden now owns 1,159,693 shares of the financial services provider’s stock valued at $20,659,000 after purchasing an additional 616,039 shares during the last quarter. Nicholas Hoffman & Company LLC. raised its position in Bank of America by 4.0% in the first quarter. Nicholas Hoffman & Company LLC. now owns 34,991 shares of the financial services provider’s stock valued at $743,000 after purchasing an additional 1,332 shares during the last quarter. National Asset Management Inc. raised its position in Bank of America by 36.5% in the first quarter. National Asset Management Inc. now owns 190,242 shares of the financial services provider’s stock valued at $4,040,000 after purchasing an additional 50,917 shares during the last quarter. Finally, Gamble Jones Investment Counsel raised its position in Bank of America by 5.7% in the first quarter. Gamble Jones Investment Counsel now owns 37,044 shares of the financial services provider’s stock valued at $786,000 after purchasing an additional 2,000 shares during the last quarter. Hedge funds and other institutional investors own 70.08% of the company’s stock.

A number of brokerages have recently issued reports on BAC. Piper Sandler lowered their price objective on Bank of America from $40.00 to $27.00 and set an “overweight” rating for the company in a research report on Friday, April 3rd. Goldman Sachs Group upgraded Bank of America from a “neutral” rating to a “buy” rating in a research report on Thursday, April 2nd. Cfra lowered their price objective on Bank of America from $32.00 to $28.00 and set a “buy” rating for the company in a research report on Wednesday, April 15th. Credit Suisse Group restated a “buy” rating and set a $31.00 price objective on shares of Bank of America in a research report on Friday, April 17th. Finally, Deutsche Bank raised their price objective on Bank of America from $25.00 to $27.00 and gave the stock a “hold” rating in a research report on Thursday, April 2nd. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $29.74.

Bank of America stock traded down $0.27 during mid-day trading on Friday, reaching $22.63. The stock had a trading volume of 28,833,432 shares, compared to its average volume of 63,298,720. The firm has a market capitalization of $196.27 billion, a PE ratio of 9.27, a price-to-earnings-growth ratio of 2.22 and a beta of 1.60. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.91 and a current ratio of 0.92. Bank of America Corp has a fifty-two week low of $17.95 and a fifty-two week high of $35.72. The stock’s 50-day simple moving average is $22.54 and its 200-day simple moving average is $29.45.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, April 15th. The financial services provider reported $0.40 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by ($0.20). The company had revenue of $22.77 billion for the quarter, compared to analysts’ expectations of $22.58 billion. Bank of America had a net margin of 21.64% and a return on equity of 10.64%. The firm’s quarterly revenue was down 1.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.70 EPS. On average, research analysts forecast that Bank of America Corp will post 1.48 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, June 4th. This represents a $0.72 annualized dividend and a dividend yield of 3.18%. Bank of America’s payout ratio is 24.49%.

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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