Federated Hermes Inc. lessened its holdings in Bank of America Corp (NYSE:BAC) by 12.7% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,315,289 shares of the financial services provider’s stock after selling 776,148 shares during the period. Federated Hermes Inc. owned approximately 0.06% of Bank of America worth $112,845,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Norges Bank bought a new stake in Bank of America in the fourth quarter worth $3,442,092,000. Wealth Quarterback LLC bought a new stake in Bank of America in the fourth quarter worth $6,050,510,000. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Bank of America by 1.7% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 34,603,600 shares of the financial services provider’s stock worth $734,634,000 after buying an additional 581,152 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its stake in Bank of America by 11,950.9% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 26,813,708 shares of the financial services provider’s stock worth $942,522,000 after buying an additional 26,591,205 shares during the period. Finally, Amundi Pioneer Asset Management Inc. boosted its stake in Bank of America by 23.0% during the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 16,716,793 shares of the financial services provider’s stock worth $588,765,000 after buying an additional 3,121,325 shares during the period. Institutional investors own 69.26% of the company’s stock.

Several research analysts have commented on the stock. Deutsche Bank lifted their price objective on shares of Bank of America from $25.00 to $27.00 and gave the stock a “hold” rating in a research note on Thursday, April 2nd. BMO Capital Markets dropped their price objective on shares of Bank of America from $26.00 to $24.00 and set a “market perform” rating for the company in a research note on Thursday, April 16th. Piper Sandler dropped their price objective on shares of Bank of America from $40.00 to $27.00 and set an “overweight” rating for the company in a research note on Friday, April 3rd. TheStreet lowered shares of Bank of America from a “b-” rating to a “c” rating in a research note on Wednesday, March 25th. Finally, Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and set a $34.00 price objective for the company in a research note on Tuesday, March 17th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $29.42.

Shares of BAC stock traded up $1.24 on Wednesday, hitting $26.08. The stock had a trading volume of 69,623,884 shares, compared to its average volume of 70,433,328. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 1.06. The business has a 50 day moving average price of $22.99 and a 200 day moving average price of $28.92. The company has a market cap of $226.18 billion, a PE ratio of 10.65, a P/E/G ratio of 2.38 and a beta of 1.58. Bank of America Corp has a one year low of $17.95 and a one year high of $35.72.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.60 by ($0.20). The firm had revenue of $22.77 billion during the quarter, compared to the consensus estimate of $22.58 billion. Bank of America had a net margin of 21.64% and a return on equity of 10.64%. The business’s revenue was down 1.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.70 earnings per share. Equities research analysts expect that Bank of America Corp will post 1.48 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be issued a $0.18 dividend. The ex-dividend date is Thursday, June 4th. This represents a $0.72 annualized dividend and a dividend yield of 2.76%. Bank of America’s payout ratio is currently 24.49%.

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 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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