Breakwater Capital Group Decreases Stock Holdings in Bank of America Co. (NYSE:BAC)

Breakwater Capital Group lowered its stake in Bank of America Co. (NYSE:BAC) by 2.7% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 36,884 shares of the financial services provider’s stock after selling 1,023 shares during the quarter. Breakwater Capital Group’s holdings in Bank of America were worth $1,539,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Collier Financial acquired a new position in shares of Bank of America during the 4th quarter worth about $25,000. Life Planning Partners Inc increased its stake in 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 worth $25,000 after buying an additional 545,936 shares in the last quarter. Graney & King LLC acquired a new position in shares of Bank of America during the fourth quarter valued at approximately $25,000. Fairway Wealth LLC purchased a new position in shares of Bank of America in the fourth quarter valued at approximately $29,000. Finally, Vega Investment Solutions acquired a new stake in shares of Bank of America in the fourth quarter worth approximately $30,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Royal Bank of Canada reduced their price objective on Bank of America from $50.00 to $45.00 and set an “outperform” rating for the company in a research note on Wednesday, April 16th. Argus reduced their target price on shares of Bank of America from $53.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. Truist Financial lowered their price target on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Wall Street Zen downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. Finally, JPMorgan Chase & Co. decreased their target price on shares of Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a research note on Thursday, April 3rd. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have given a buy rating and four have given a strong buy rating to the company. According to MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and an average target price of $47.50.

Bank of America Stock Down 0.6%

BAC opened at $44.38 on Thursday. Bank of America Co. has a 12 month low of $33.07 and a 12 month high of $48.08. The business has a 50-day moving average of $40.59 and a two-hundred day moving average of $43.52. 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 stock has a market capitalization of $334.26 billion, a price-to-earnings ratio of 13.78, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27.

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

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.34%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s payout ratio is 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.