Bank of America Co. (NYSE:BAC) Shares Sold by Oxinas Partners Wealth Management LLC

Oxinas Partners Wealth Management LLC lowered its holdings in Bank of America Co. (NYSE:BAC) by 7.8% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 8,046 shares of the financial services provider’s stock after selling 680 shares during the period. Oxinas Partners Wealth Management LLC’s holdings in Bank of America were worth $305,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Bank of America during the 4th quarter worth $3,734,407,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its holdings in Bank of America by 360.9% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock worth $1,255,514,000 after buying an additional 29,198,846 shares during the last quarter. Alphinity Investment Management Pty Ltd boosted its position in shares of Bank of America by 1,071.8% during the 4th quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock worth $474,150,000 after acquiring an additional 12,880,492 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Bank of America by 10.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock valued at $3,502,720,000 after acquiring an additional 9,879,524 shares during the last quarter. Finally, Fisher Asset Management LLC raised its position in shares of Bank of America by 17.1% during the 4th quarter. Fisher Asset Management LLC now owns 37,654,279 shares of the financial services provider’s stock worth $1,267,820,000 after acquiring an additional 5,488,790 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BAC has been the topic of several recent analyst reports. Citigroup increased their price target on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, March 20th. JPMorgan Chase & Co. lifted their price target on shares of Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a research note on Wednesday, May 1st. Piper Sandler upped their price objective on shares of Bank of America from $35.00 to $37.00 and gave the company an “underweight” rating in a research note on Tuesday, June 4th. StockNews.com cut Bank of America from a “hold” rating to a “sell” rating in a research report on Monday, May 20th. Finally, Jefferies Financial Group boosted their target price on Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a report on Monday, April 8th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $39.79.

Bank of America Stock Performance

Shares of NYSE BAC traded up $0.92 during mid-day trading on Tuesday, hitting $40.93. 35,616,728 shares of the company were exchanged, compared to its average volume of 38,837,402. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm has a market cap of $320.09 billion, a price-to-earnings ratio of 14.16, a price-to-earnings-growth ratio of 1.52 and a beta of 1.35. The stock has a 50 day simple moving average of $38.95 and a 200-day simple moving average of $36.17. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $40.96.

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

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were issued a $0.24 dividend. The ex-dividend date of this dividend was Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.35%. Bank of America’s dividend payout ratio is currently 33.22%.

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.