Bank of America Corporation (NYSE:BAC) Shares Sold by Daymark Wealth Partners LLC

Daymark Wealth Partners LLC lessened its stake in shares of Bank of America Corporation (NYSE:BAC) by 4.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 56,109 shares of the financial services provider’s stock after selling 2,915 shares during the quarter. Daymark Wealth Partners LLC’s holdings in Bank of America were worth $2,341,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in BAC. Graney & King LLC acquired a new position in shares of Bank of America during the 4th quarter valued at $25,000. Fairway Wealth LLC acquired a new position in Bank of America during the fourth quarter worth about $29,000. Vega Investment Solutions bought a new stake in Bank of America in the fourth quarter worth about $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in Bank of America in the fourth quarter worth about $31,000. Finally, Spurstone Advisory Services LLC acquired a new stake in Bank of America in the 4th quarter valued at about $34,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Up 0.4%

BAC opened at $46.85 on Thursday. The business has a 50 day moving average of $42.91 and a 200-day moving average of $43.33. The stock has a market capitalization of $352.87 billion, a price-to-earnings ratio of 13.94, a P/E/G ratio of 1.26 and a beta of 1.30. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11. Bank of America Corporation has a 1-year low of $33.07 and a 1-year high of $48.08.

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. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. The firm had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. As a group, sell-side analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company 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. This represents a $1.04 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

Analysts Set New Price Targets

A number of analysts recently commented on BAC shares. Barclays dropped their target price on shares of Bank of America from $58.00 to $54.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Morgan Stanley boosted their price objective on Bank of America from $47.00 to $49.00 and gave the stock an “overweight” rating in a report on Monday. Truist Financial reduced their target price on Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. Cowen initiated coverage on shares of Bank of America in a report on Wednesday, May 14th. They set a “buy” rating for the company. Finally, Piper Sandler reduced their price objective on Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a research report on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, nineteen have issued a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $47.40.

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.