Bank of America Co. (NYSE:BAC) Shares Sold by Plimoth Trust Co. LLC

Plimoth Trust Co. LLC cut its stake in Bank of America Co. (NYSE:BAC) by 0.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 92,442 shares of the financial services provider’s stock after selling 489 shares during the period. Plimoth Trust Co. LLC’s holdings in Bank of America were worth $3,505,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of BAC. Norges Bank purchased a new stake in Bank of America during the fourth quarter worth $3,734,407,000. Price T Rowe Associates Inc. MD boosted its position in shares of Bank of America by 10.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock worth $3,502,720,000 after buying an additional 9,879,524 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Bank of America by 3.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 41,833,075 shares of the financial services provider’s stock valued at $1,408,520,000 after acquiring an additional 1,315,056 shares in the last quarter. Parnassus Investments LLC raised its position in Bank of America by 7.8% during the fourth quarter. Parnassus Investments LLC now owns 40,508,709 shares of the financial services provider’s stock worth $1,363,928,000 after acquiring an additional 2,935,040 shares during the last quarter. Finally, Capital World Investors lifted its holdings in shares of Bank of America by 12.1% in the fourth quarter. Capital World Investors now owns 40,189,379 shares of the financial services provider’s stock valued at $1,353,216,000 after purchasing an additional 4,338,679 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on BAC. Evercore ISI lifted their price objective on Bank of America from $41.00 to $43.00 and gave the stock an “outperform” rating in a research report on Wednesday. Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective on the stock in a research report on Friday, April 19th. Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday. Piper Sandler boosted their target price on shares of Bank of America from $35.00 to $37.00 and gave the company an “underweight” rating in a research note on Tuesday, June 4th. Finally, Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $39.91.

Bank of America Price Performance

BAC opened at $40.93 on Wednesday. The company has a 50 day moving average of $38.95 and a two-hundred day moving average of $36.17. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $40.96. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a market cap of $320.09 billion, a P/E ratio of 14.16, a P/E/G ratio of 1.52 and a beta of 1.35.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. During the same period last year, the company posted $0.94 earnings per share. The firm’s revenue was down 1.7% compared to the same quarter last year. On average, analysts expect that Bank of America Co. will post 3.22 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were paid a dividend of $0.24 per share. The ex-dividend date was Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.35%. Bank of America’s dividend payout ratio is currently 33.22%.

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.