Burns J W & Co. Inc. NY Sells 1,682 Shares of Bank of America Co. (NYSE:BAC)

Burns J W & Co. Inc. NY cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 12.8% during the first quarter, Holdings Channel.com reports. The fund owned 11,468 shares of the financial services provider’s stock after selling 1,682 shares during the period. Burns J W & Co. Inc. NY’s holdings in Bank of America were worth $479,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of BAC. Norges Bank bought a new stake in Bank of America during the fourth quarter valued at about $5,226,989,000. Capital World Investors raised its holdings in Bank of America by 23.9% during the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock valued at $3,876,853,000 after acquiring an additional 17,031,143 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Bank of America by 10.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock valued at $5,381,126,000 after acquiring an additional 11,691,451 shares during the period. Amundi raised its holdings in Bank of America by 37.1% during the fourth quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock valued at $1,747,658,000 after acquiring an additional 10,231,001 shares during the period. Finally, Northern Trust Corp raised its holdings in 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 acquiring an additional 9,980,859 shares during the period. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Down 0.2%

Shares of NYSE:BAC opened at $44.14 on Friday. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08. The business has a 50 day simple moving average of $40.46 and a two-hundred day simple moving average of $43.56. The firm has a market capitalization of $332.46 billion, a PE ratio of 13.71, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27. 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 announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. On average, equities analysts predict that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be issued a $0.26 dividend. The ex-dividend date of this dividend 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 payout ratio is 30.95%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Cfra Research lifted their target price on Bank of America to $47.00 and gave the stock a “buy” rating in a report on Wednesday, April 16th. UBS Group lifted their target price on Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, April 16th. Royal Bank of Canada reduced their target price on Bank of America from $50.00 to $45.00 and set an “outperform” rating on the stock in a report on Wednesday, April 16th. Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $45.00 to $50.00 in a report on Friday, March 7th. Finally, Truist Financial reduced 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 investment analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have issued a buy rating and four have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price 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.