Burns J W & Co. Inc. NY Sells 3,854 Shares of Bank of America Co. (NYSE:BAC)

Burns J W & Co. Inc. NY decreased its holdings in Bank of America Co. (NYSE:BAC) by 10.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 32,411 shares of the financial services provider’s stock after selling 3,854 shares during the period. Burns J W & Co. Inc. NY’s holdings in Bank of America were worth $1,229,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of BAC. Mather Group LLC. boosted its holdings in shares of Bank of America by 14.6% during the 3rd quarter. Mather Group LLC. now owns 29,424 shares of the financial services provider’s stock valued at $806,000 after acquiring an additional 3,757 shares in the last quarter. Westfield Capital Management Co. LP lifted its holdings in Bank of America by 5.3% during the 3rd quarter. Westfield Capital Management Co. LP now owns 210,086 shares of the financial services provider’s stock worth $5,752,000 after buying an additional 10,590 shares during the period. Cape Cod Five Cents Savings Bank acquired a new position in Bank of America during the 3rd quarter worth about $345,000. CWA Asset Management Group LLC lifted its holdings in Bank of America by 3.5% during the 3rd quarter. CWA Asset Management Group LLC now owns 37,620 shares of the financial services provider’s stock worth $1,030,000 after buying an additional 1,280 shares during the period. Finally, Sherbrooke Park Advisers LLC acquired a new position in Bank of America during the 3rd quarter worth about $410,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 1.3 %

Bank of America stock traded up $0.52 during midday trading on Friday, reaching $39.77. The stock had a trading volume of 52,028,200 shares, compared to its average volume of 35,164,596. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $40.34. The company has a market capitalization of $311.02 billion, a P/E ratio of 13.76, a PEG ratio of 1.50 and a beta of 1.36. The company has a fifty day moving average price of $38.91 and a two-hundred day moving average price of $36.06. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The firm had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.94 EPS. As a group, equities analysts expect that Bank of America Co. will post 3.22 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date was Friday, June 7th. Bank of America’s dividend payout ratio is currently 33.22%.

Analyst Ratings Changes

BAC has been the topic of several recent research reports. BMO Capital Markets lifted their target price on Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a report on Thursday, April 18th. Piper Sandler lifted their target price on Bank of America from $35.00 to $37.00 and gave the stock an “underweight” rating in a report on Tuesday, June 4th. UBS Group reaffirmed a “neutral” rating and set a $40.00 target price (up from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Jefferies Financial Group lifted their target price on Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a report on Monday, April 8th. Finally, Oppenheimer boosted their price objective on Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a research note on Tuesday, April 30th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $39.79.

Bank of America Company 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.