Dakota Wealth Management Decreases Stake in Bank of America Corporation (NYSE:BAC)

Dakota Wealth Management cut its holdings in Bank of America Corporation (NYSE:BAC) by 1.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 248,632 shares of the financial services provider’s stock after selling 4,269 shares during the quarter. Dakota Wealth Management’s holdings in Bank of America were worth $10,375,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Graney & King LLC purchased a new stake in shares of Bank of America in the fourth quarter valued at approximately $25,000. Vega Investment Solutions purchased a new stake in shares of Bank of America in the fourth quarter valued at approximately $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in shares of Bank of America in the fourth quarter valued at approximately $31,000. Spurstone Advisory Services LLC purchased a new stake in Bank of America during the fourth quarter worth $34,000. Finally, Glass Jacobson Investment Advisors llc boosted its position in 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. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on BAC. Oppenheimer reiterated an “outperform” rating on shares of Bank of America in a research report on Thursday, May 22nd. Cfra Research boosted their target price on Bank of America to $47.00 and gave the stock a “buy” rating in a research report on Wednesday, April 16th. Piper Sandler decreased their target price on Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 16th. Hsbc Global Res downgraded Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 8th. Finally, Truist Financial upped their price objective on Bank of America from $51.00 to $53.00 and gave the company a “buy” rating in a research report on Wednesday, July 9th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $48.89.

Bank of America Stock Performance

Bank of America stock opened at $46.71 on Monday. The firm has a market capitalization of $351.81 billion, a P/E ratio of 13.90, a PEG ratio of 1.27 and a beta of 1.30. The stock has a fifty day moving average price of $44.99 and a 200 day moving average price of $43.55. Bank of America Corporation has a 52 week low of $33.07 and a 52 week high of $49.31. 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 (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. The firm had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. Equities research 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 declared a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were paid a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.23%. Bank of America’s dividend payout ratio 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.