Leonard Rickey Investment Advisors P.L.L.C. Reduces Holdings in Bank of America Co. (NYSE:BAC)

Leonard Rickey Investment Advisors P.L.L.C. reduced its position in Bank of America Co. (NYSE:BAC) by 7.8% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 6,772 shares of the financial services provider’s stock after selling 573 shares during the period. Leonard Rickey Investment Advisors P.L.L.C.’s holdings in Bank of America were worth $283,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Collier Financial purchased a new stake in Bank of America in the fourth quarter valued at approximately $25,000. Life Planning Partners Inc increased its holdings in shares of Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 545,936 shares during the period. Graney & King LLC acquired a new position in shares of Bank of America in the 4th quarter valued at $25,000. Fairway Wealth LLC purchased a new stake in Bank of America in the 4th quarter valued at $29,000. Finally, Vega Investment Solutions acquired a new stake in Bank of America during the 4th quarter worth $30,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Up 0.5%

Shares of NYSE BAC opened at $45.11 on Wednesday. The stock has a market capitalization of $339.73 billion, a price-to-earnings ratio of 14.01, a price-to-earnings-growth ratio of 1.21 and a beta of 1.30. Bank of America Co. has a 52 week low of $33.07 and a 52 week high of $48.08. The firm has a 50-day moving average price of $40.93 and a 200 day moving average price of $43.46. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating 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 net margin of 14.10% and a return on equity of 10.29%. Equities research analysts anticipate that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be issued a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.31%. Bank of America’s dividend payout ratio is presently 30.95%.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of recent research reports. UBS Group lifted their price objective on shares of Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, April 16th. Citigroup lowered their price target on Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, March 24th. Keefe, Bruyette & Woods dropped their price target on Bank of America from $55.00 to $52.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 16th. Royal Bank of Canada decreased their price objective on Bank of America from $50.00 to $45.00 and set an “outperform” rating for the company in a research report on Wednesday, April 16th. Finally, Truist Financial lowered their target price on Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have issued a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $47.69.

Bank of America 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.