Bank of America Co. (NYSE:BAC) Shares Sold by SeaBridge Investment Advisors LLC

SeaBridge Investment Advisors LLC cut its position in Bank of America Co. (NYSE:BAC) by 11.3% in the first quarter, HoldingsChannel reports. The institutional investor owned 49,026 shares of the financial services provider’s stock after selling 6,257 shares during the period. SeaBridge Investment Advisors LLC’s holdings in Bank of America were worth $1,859,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new stake in Bank of America during the 4th quarter worth approximately $3,734,407,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its holdings in Bank of America by 360.9% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock valued at $1,255,514,000 after purchasing an additional 29,198,846 shares during the period. Alphinity Investment Management Pty Ltd grew its stake in Bank of America by 1,071.8% during the 4th quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock worth $474,150,000 after purchasing an additional 12,880,492 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in 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 valued at $3,502,720,000 after purchasing an additional 9,879,524 shares in the last quarter. Finally, Fisher Asset Management LLC boosted its stake in shares of Bank of America by 17.1% in the 4th quarter. Fisher Asset Management LLC now owns 37,654,279 shares of the financial services provider’s stock valued at $1,267,820,000 after buying an additional 5,488,790 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

BAC has been the topic of a number of recent research reports. JPMorgan Chase & Co. upped their target price on shares of Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a research note on Wednesday, May 1st. Piper Sandler increased their price objective on shares of Bank of America from $35.00 to $37.00 and gave the company an “underweight” rating in a research report on Tuesday, June 4th. StockNews.com cut shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Monday, May 20th. HSBC reiterated a “hold” rating and set a $39.00 target price (up previously from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Finally, Jefferies Financial Group raised their price target on Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research note on Wednesday. Two analysts have rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $40.02.

Bank of America Stock Performance

Shares of BAC traded down $0.50 during mid-day trading on Friday, hitting $40.40. 23,484,072 shares of the company’s stock were exchanged, compared to its average volume of 38,538,723. The firm has a market capitalization of $315.94 billion, a P/E ratio of 13.98, a P/E/G ratio of 1.56 and a beta of 1.35. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $41.20. The business’s 50 day moving average is $39.12 and its two-hundred day moving average is $36.28. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share 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 the consensus estimate of $25.49 billion. During the same period last year, the business posted $0.94 EPS. The company’s revenue was down 1.7% on a year-over-year basis. On average, equities analysts expect that Bank of America Co. will post 3.22 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.38%. The ex-dividend date of this dividend was Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is presently 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.