Mn Services Vermogensbeheer B.V. Has $56.39 Million Stake in Bank of America Co. (NYSE:BAC)

Mn Services Vermogensbeheer B.V. decreased its stake in shares of Bank of America Co. (NYSE:BAC) by 13.1% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 1,351,200 shares of the financial services provider’s stock after selling 204,300 shares during the period. Mn Services Vermogensbeheer B.V.’s holdings in Bank of America were worth $56,386,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in BAC. Life Planning Partners Inc increased its holdings in shares of Bank of America by 3,883.2% during the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 545,936 shares during the last quarter. Graney & King LLC acquired a new stake in Bank of America in the 4th quarter valued at approximately $25,000. Fairway Wealth LLC acquired a new stake in Bank of America in the 4th quarter valued at approximately $29,000. Vega Investment Solutions acquired a new stake in Bank of America in the 4th quarter valued at approximately $30,000. Finally, Marshall & Sterling Wealth Advisors Inc. acquired a new stake in Bank of America in the 4th quarter valued at approximately $31,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

Bank of America stock opened at $44.04 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market capitalization of $331.67 billion, a PE ratio of 13.68, a price-to-earnings-growth ratio of 1.21 and a beta of 1.30. Bank of America Co. has a one year low of $33.07 and a one year high of $48.08. The business has a 50 day simple moving average of $41.50 and a 200 day simple moving average of $43.39.

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

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.36%. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Oppenheimer reaffirmed an “outperform” rating on shares of Bank of America in a report on Thursday, May 22nd. TD Cowen assumed coverage on Bank of America in a report on Thursday, May 15th. They issued a “buy” rating and a $53.00 target price on the stock. Keefe, Bruyette & Woods lowered their target price on Bank of America from $55.00 to $52.00 and set an “outperform” rating on the stock in a report on Wednesday, April 16th. Piper Sandler lowered their target price on Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a report on Wednesday, April 16th. Finally, Truist Financial lowered their target price on Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have assigned a buy rating and four have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $47.69.

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.