Princeton Capital Management LLC Has $1.71 Million Stake in Bank of America Corporation $BAC

Princeton Capital Management LLC trimmed its position in Bank of America Corporation (NYSE:BAC) by 6.5% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 36,164 shares of the financial services provider’s stock after selling 2,516 shares during the period. Princeton Capital Management LLC’s holdings in Bank of America were worth $1,711,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Brighton Jones LLC increased its stake in Bank of America by 30.0% in the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after buying an additional 25,143 shares during the last quarter. Leavell Investment Management Inc. grew its holdings in shares of Bank of America by 5.4% in the 1st quarter. Leavell Investment Management Inc. now owns 16,808 shares of the financial services provider’s stock valued at $701,000 after acquiring an additional 857 shares in the last quarter. Rogco LP increased its position in shares of Bank of America by 15.4% in the first quarter. Rogco LP now owns 22,623 shares of the financial services provider’s stock valued at $944,000 after acquiring an additional 3,012 shares during the last quarter. tru Independence LLC raised its holdings in Bank of America by 0.4% during the first quarter. tru Independence LLC now owns 182,756 shares of the financial services provider’s stock worth $7,626,000 after acquiring an additional 738 shares in the last quarter. Finally, Stonebrook Private Inc. boosted its position in Bank of America by 5.8% during the first quarter. Stonebrook Private Inc. now owns 19,584 shares of the financial services provider’s stock valued at $817,000 after purchasing an additional 1,081 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Price Performance

NYSE:BAC opened at $53.38 on Friday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The firm has a market cap of $389.81 billion, a price-to-earnings ratio of 14.54, a P/E/G ratio of 1.99 and a beta of 1.34. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $53.99. The firm’s 50-day simple moving average is $51.28 and its 200 day simple moving average is $47.39.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping the consensus estimate of $0.93 by $0.13. The company had revenue of $28.09 billion for the quarter, compared to analysts’ expectations of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The business’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same period last year, the firm earned $0.81 earnings per share. As a group, sell-side analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America declared that its board has approved a share buyback plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s dividend payout ratio is 30.52%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of America in a research report on Thursday, October 30th. Robert W. Baird lifted their price objective on shares of Bank of America from $52.00 to $56.00 and gave the company a “neutral” rating in a research report on Thursday, October 30th. Daiwa Capital Markets upped their target price on shares of Bank of America from $54.00 to $58.00 and gave the company an “outperform” rating in a report on Wednesday, October 8th. The Goldman Sachs Group reduced their price target on Bank of America from $60.00 to $58.00 and set a “buy” rating for the company in a report on Monday, October 27th. Finally, Piper Sandler boosted their price target on Bank of America from $50.00 to $55.00 and gave the stock a “neutral” rating in a research report on Thursday, October 16th. Twenty-three research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.86.

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.