ZWJ Investment Counsel Inc. Sells 422 Shares of Bank of America Corporation (NYSE:BAC)

ZWJ Investment Counsel Inc. cut its position in Bank of America Corporation (NYSE:BAC) by 0.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 67,537 shares of the financial services provider’s stock after selling 422 shares during the quarter. ZWJ Investment Counsel Inc.’s holdings in Bank of America were worth $2,818,000 at the end of the most recent reporting period.

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

Bank of America Stock Up 1.1%

NYSE:BAC opened at $48.68 on Thursday. The company has a market cap of $366.65 billion, a price-to-earnings ratio of 14.49, a P/E/G ratio of 1.31 and a beta of 1.30. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79. The stock’s fifty day moving average price is $43.91 and its two-hundred day moving average price is $43.39. Bank of America Corporation has a 52-week low of $33.07 and a 52-week high of $48.79.

Bank of America (NYSE:BAC) last released its 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. The company had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. On average, analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.14%. The ex-dividend date was Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on BAC. The Goldman Sachs Group boosted their target price on shares of Bank of America from $46.00 to $52.00 and gave the stock a “buy” rating in a research report on Tuesday, June 10th. Piper Sandler dropped their price objective on shares of Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a report on Wednesday, April 16th. Cfra Research increased their target price on shares of Bank of America to $47.00 and gave the company a “buy” rating in a research note on Wednesday, April 16th. JPMorgan Chase & Co. lowered their price target on 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. Finally, Citigroup upped their price target on Bank of America from $50.00 to $54.00 and gave the company a “buy” rating in a report on Thursday, June 26th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.98.

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.