Brio Consultants LLC reduced its holdings in Bank of America Co. (NYSE:BAC) by 40.8% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 7,099 shares of the financial services provider’s stock after selling 4,901 shares during the quarter. Brio Consultants LLC’s holdings in Bank of America were worth $219,000 as of its most recent filing with the SEC.
A number of other large investors also recently modified their holdings of BAC. Norges Bank bought a new position in shares of Bank of America in the 4th quarter worth about $3,938,246,000. Snider Financial Group lifted its position in shares of Bank of America by 9,477.3% in the 1st quarter. Snider Financial Group now owns 14,448,357 shares of the financial services provider’s stock worth $5,956,000 after buying an additional 14,297,496 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of Bank of America by 3,474.6% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 11,658,881 shares of the financial services provider’s stock worth $480,579,000 after buying an additional 11,332,721 shares during the last quarter. Capital Research Global Investors bought a new position in shares of Bank of America in the 1st quarter worth about $395,481,000. Finally, Vanguard Group Inc. lifted its position in shares of Bank of America by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 591,207,087 shares of the financial services provider’s stock worth $24,369,557,000 after buying an additional 5,015,041 shares during the last quarter. 68.48% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
Several analysts recently weighed in on BAC shares. Credit Suisse Group cut their price objective on shares of Bank of America from $45.00 to $43.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 19th. Citigroup cut their price objective on shares of Bank of America from $47.00 to $40.00 in a research report on Tuesday, July 12th. Morgan Stanley cut their price objective on shares of Bank of America from $47.00 to $40.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 12th. Jefferies Financial Group lowered their target price on shares of Bank of America from $43.00 to $33.00 in a research note on Monday, July 11th. Finally, Piper Sandler lowered their target price on shares of Bank of America from $51.00 to $47.00 and set an “overweight” rating on the stock in a research note on Friday, July 1st. Six investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $46.58.
Bank of America Stock Performance
Bank of America (NYSE:BAC – Get Rating) last announced its earnings results on Monday, July 18th. The financial services provider reported $0.73 EPS for the quarter, missing the consensus estimate of $0.77 by ($0.04). Bank of America had a return on equity of 11.51% and a net margin of 28.89%. The firm had revenue of $22.69 billion during the quarter, compared to analyst estimates of $22.79 billion. During the same quarter in the previous year, the business earned $1.03 earnings per share. The business’s quarterly revenue was up 5.7% compared to the same quarter last year. Equities research analysts anticipate that Bank of America Co. will post 3.2 EPS for the current fiscal year.
Bank of America Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Friday, September 2nd will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.71%. This is a boost from Bank of America’s previous quarterly dividend of $0.21. The ex-dividend date is Thursday, September 1st. Bank of America’s dividend payout ratio (DPR) is presently 27.50%.
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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
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