Neumann Capital Management LLC Sells 1,000 Shares of Bank of America Co. (NYSE:BAC)

Neumann Capital Management LLC decreased its holdings in shares of Bank of America Co. (NYSE:BAC) by 0.9% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 105,653 shares of the financial services provider’s stock after selling 1,000 shares during the period. Bank of America makes up 1.5% of Neumann Capital Management LLC’s holdings, making the stock its 18th largest position. Neumann Capital Management LLC’s holdings in Bank of America were worth $4,409,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. FMB Wealth Management acquired a new stake in shares of Bank of America during the first quarter worth $363,000. Simon Quick Advisors LLC boosted its holdings in Bank of America by 11.8% during the first quarter. Simon Quick Advisors LLC now owns 445,157 shares of the financial services provider’s stock worth $18,576,000 after buying an additional 47,036 shares during the last quarter. Baker Ellis Asset Management LLC grew its position in shares of Bank of America by 11.9% during the 1st quarter. Baker Ellis Asset Management LLC now owns 16,235 shares of the financial services provider’s stock worth $677,000 after buying an additional 1,730 shares during the period. Skyline Advisors Inc. increased its stake in shares of Bank of America by 1.5% in the 1st quarter. Skyline Advisors Inc. now owns 21,337 shares of the financial services provider’s stock valued at $890,000 after acquiring an additional 315 shares during the last quarter. Finally, Alpha Omega Wealth Management LLC raised its position in shares of Bank of America by 18.0% in the 1st quarter. Alpha Omega Wealth Management LLC now owns 29,716 shares of the financial services provider’s stock valued at $1,240,000 after acquiring an additional 4,540 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Cfra Research increased their target price on shares of Bank of America to $47.00 and gave the stock a “buy” rating in a report on Wednesday, April 16th. Baird R W upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. Piper Sandler cut their price target on shares of 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. Robert W. Baird upgraded shares of Bank of America from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. Finally, Royal Bank of Canada reduced their price target on Bank of America from $50.00 to $45.00 and set an “outperform” rating for the company in a report on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have given a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.69.

Bank of America Stock Performance

BAC opened at $44.72 on Thursday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. Bank of America Co. has a 52-week low of $33.07 and a 52-week high of $48.08. The firm has a market cap of $336.80 billion, a P/E ratio of 13.89, a price-to-earnings-growth ratio of 1.21 and a beta of 1.30. The business’s fifty day moving average is $41.14 and its 200-day moving average is $43.46.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating the consensus estimate of $0.80 by $0.10. The firm had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Sell-side analysts expect that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be issued a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.33%. Bank of America’s dividend payout ratio (DPR) is currently 30.95%.

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.