Northeast Investment Management Lowers Stock Holdings in Bank of America Co. (NYSE:BAC)

Northeast Investment Management lessened its position in shares of Bank of America Co. (NYSE:BAC) by 0.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 153,897 shares of the financial services provider’s stock after selling 283 shares during the period. Northeast Investment Management’s holdings in Bank of America were worth $6,422,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Avalon Trust Co grew its position in Bank of America by 14.6% during the fourth quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider’s stock valued at $76,000 after acquiring an additional 219 shares during the period. Prossimo Advisors LLC grew its position in Bank of America by 2.5% during the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock valued at $390,000 after acquiring an additional 220 shares during the period. Consolidated Planning Corp grew its position in Bank of America by 2.9% during the fourth quarter. Consolidated Planning Corp now owns 8,092 shares of the financial services provider’s stock valued at $356,000 after acquiring an additional 226 shares during the period. TAGStone Capital Inc. grew its position in Bank of America by 1.2% during the fourth quarter. TAGStone Capital Inc. now owns 19,802 shares of the financial services provider’s stock valued at $870,000 after acquiring an additional 227 shares during the period. Finally, TFB Advisors LLC grew its position in Bank of America by 3.8% during the fourth quarter. TFB Advisors LLC now owns 6,342 shares of the financial services provider’s stock valued at $279,000 after acquiring an additional 230 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

BAC stock opened at $45.11 on Wednesday. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08. The stock has a market capitalization of $339.73 billion, a price-to-earnings ratio of 14.01, a PEG ratio of 1.21 and a beta of 1.30. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The stock’s fifty day moving average is $40.93 and its two-hundred day moving average is $43.46.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. On average, research analysts predict that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.31%. The ex-dividend date is Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is 30.95%.

Analyst Ratings Changes

A number of research analysts have commented on the company. Barclays reduced their price objective on Bank of America from $58.00 to $54.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Phillip Securities upgraded Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, April 17th. Piper Sandler reduced their price objective on Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 16th. Keefe, Bruyette & Woods reduced their price objective on Bank of America from $55.00 to $52.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 16th. Finally, TD Cowen assumed coverage on Bank of America in a research note on Thursday, May 15th. They issued a “buy” rating and a $53.00 price target on the stock. Two research analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have given a buy rating and four have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus 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.