Bank of America Corporation (NYSE:BAC) Shares Sold by Alpine Woods Capital Investors LLC

Alpine Woods Capital Investors LLC lowered its stake in Bank of America Corporation (NYSE:BAC) by 17.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 180,713 shares of the financial services provider’s stock after selling 37,208 shares during the period. Bank of America accounts for 1.9% of Alpine Woods Capital Investors LLC’s portfolio, making the stock its 8th largest position. Alpine Woods Capital Investors LLC’s holdings in Bank of America were worth $7,541,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Graney & King LLC acquired a new stake in Bank of America during the 4th quarter worth $25,000. Vega Investment Solutions bought a new position in shares of Bank of America during the fourth quarter worth $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in shares of Bank of America during the fourth quarter worth $31,000. Spurstone Advisory Services LLC bought a new position in shares of Bank of America during the fourth quarter worth $34,000. Finally, Glass Jacobson Investment Advisors llc boosted its position in shares of Bank of America by 53.0% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 276 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

BAC has been the topic of a number of recent analyst reports. Wall Street Zen cut shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd. TD Cowen initiated coverage on shares of Bank of America in a research report on Thursday, May 15th. They issued a “buy” rating and a $53.00 price objective on the stock. Truist Financial boosted their price objective on shares of Bank of America from $51.00 to $53.00 and gave the company a “buy” rating in a research report on Wednesday. The Goldman Sachs Group boosted their price objective on shares of Bank of America from $46.00 to $52.00 and gave the company a “buy” rating in a research report on Tuesday, June 10th. Finally, Baird R W cut shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 27th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $48.89.

Bank of America Stock Down 0.6%

Shares of BAC opened at $46.87 on Thursday. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79. The firm has a market cap of $353.02 billion, a P/E ratio of 13.95, a price-to-earnings-growth ratio of 1.28 and a beta of 1.30. Bank of America Corporation has a 52 week low of $33.07 and a 52 week high of $49.31. The firm’s 50-day simple moving average is $44.74 and its 200 day simple moving average is $43.52.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. The company had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. On average, analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date was Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

About Bank of America

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.