Bridge Creek Capital Management LLC Has $7.63 Million Stake in Bank of America Co. (NYSE:BAC)

Bridge Creek Capital Management LLC lessened its stake in shares of Bank of America Co. (NYSE:BAC) by 2.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 182,840 shares of the financial services provider’s stock after selling 4,830 shares during the period. Bank of America makes up about 2.4% of Bridge Creek Capital Management LLC’s investment portfolio, making the stock its 5th largest holding. Bridge Creek Capital Management LLC’s holdings in Bank of America were worth $7,630,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BAC. Geode Capital Management LLC raised its holdings in Bank of America by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider’s stock worth $6,243,000,000 after buying an additional 2,033,229 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Bank of America by 10.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock worth $5,381,126,000 after buying an additional 11,691,451 shares during the last quarter. Norges Bank purchased a new position in Bank of America in the fourth quarter worth about $5,226,989,000. Capital World Investors raised its holdings in Bank of America by 23.9% in the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock worth $3,876,853,000 after buying an additional 17,031,143 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Bank of America by 17.2% during the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock valued at $2,985,785,000 after purchasing an additional 9,980,859 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

BAC opened at $44.04 on Tuesday. The firm has a market cap of $331.69 billion, a P/E ratio of 13.68, a PEG ratio of 1.21 and a beta of 1.27. Bank of America Co. has a 1-year low of $33.07 and a 1-year high of $48.08. The company has a 50 day simple moving average of $40.49 and a two-hundred day simple moving average of $43.51. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

Bank of America (NYSE:BAC) last posted 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 14.10% and a return on equity of 10.29%. The business had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Equities analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

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 is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.36%. Bank of America’s dividend payout ratio is 30.95%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on BAC. Keefe, Bruyette & Woods decreased their price objective on shares of Bank of America from $55.00 to $52.00 and set an “outperform” rating for the company in a report on Wednesday, April 16th. Piper Sandler decreased their price objective on shares of Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a report on Wednesday, April 16th. Cfra Research boosted their price objective on shares of Bank of America to $47.00 and gave the company a “buy” rating 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, Phillip Securities raised shares of Bank of America from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, April 17th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, seventeen have assigned a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $47.50.

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.