Bank of America Corporation (NYSE:BAC) Shares Sold by Financial Partners Group LLC

Financial Partners Group LLC trimmed its holdings in shares of Bank of America Corporation (NYSE:BAC) by 9.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 43,048 shares of the financial services provider’s stock after selling 4,345 shares during the period. Financial Partners Group LLC’s holdings in Bank of America were worth $1,796,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in Bank of America during the fourth quarter valued at $5,226,989,000. Capital World Investors raised its holdings 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 valued at $3,876,853,000 after buying an additional 17,031,143 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in Bank of America by 10.6% during 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 acquiring an additional 11,691,451 shares in the last quarter. Amundi lifted its holdings in Bank of America by 37.1% in the fourth quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock worth $1,747,658,000 after purchasing an additional 10,231,001 shares during the period. Finally, Northern Trust Corp lifted its stake in shares of Bank of America by 17.2% in the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock worth $2,985,785,000 after acquiring an additional 9,980,859 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BAC has been the subject of several research reports. Piper Sandler decreased their target price on Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a research note on Wednesday, April 16th. The Goldman Sachs Group upped their price target on Bank of America from $46.00 to $52.00 and gave the company a “buy” rating in a research report on Tuesday, June 10th. TD Cowen assumed coverage on Bank of America in a report on Thursday, May 15th. They set a “buy” rating and a $53.00 price objective for the company. Cfra Research lifted their price objective on shares of Bank of America to $47.00 and gave the company a “buy” rating in a research note on Wednesday, April 16th. Finally, Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have given a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $47.69.

Read Our Latest Report on BAC

Bank of America Stock Performance

Shares of Bank of America stock opened at $44.22 on Wednesday. The company has a market cap of $333.08 billion, a PE ratio of 13.16, a price-to-earnings-growth ratio of 1.20 and a beta of 1.30. The business has a 50 day moving average price of $41.83 and a 200-day moving average price of $43.34. Bank of America Corporation has a 52 week low of $33.07 and a 52 week high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11.

Bank of America (NYSE:BACGet Free Report) last released its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.10. The company had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. Equities analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared 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 is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.35%. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

About Bank of America

(Free Report)

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.

Further Reading

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

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