Bank of America Corporation (NYSE:BAC) Shares Sold by LFA Lugano Financial Advisors SA

LFA Lugano Financial Advisors SA reduced its stake in Bank of America Corporation (NYSE:BAC) by 13.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,212 shares of the financial services provider’s stock after selling 486 shares during the period. LFA Lugano Financial Advisors SA’s holdings in Bank of America were worth $134,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Norges Bank acquired a new stake in shares of Bank of America during the fourth quarter worth about $5,226,989,000. Capital World Investors grew its stake in shares of Bank of America by 23.9% during the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock worth $3,876,853,000 after purchasing an additional 17,031,143 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Bank of America by 10.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock worth $5,381,126,000 after purchasing an additional 11,691,451 shares during the last quarter. Amundi grew its position in shares of Bank of America by 37.1% in the 4th quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock valued at $1,747,658,000 after buying an additional 10,231,001 shares during the last quarter. Finally, Northern Trust Corp grew its stake in Bank of America by 17.2% during the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock worth $2,985,785,000 after buying an additional 9,980,859 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BAC has been the topic of several research reports. Piper Sandler lowered 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 research report on Wednesday, April 16th. Truist Financial cut their price objective on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. Citigroup lifted their price target on shares of Bank of America from $50.00 to $54.00 and gave the company a “buy” rating in a report on Thursday, June 26th. Morgan Stanley increased their target price on shares of Bank of America from $47.00 to $49.00 and gave the stock an “overweight” rating in a research report on Monday, June 23rd. Finally, TD Cowen began coverage on shares of Bank of America in a research note on Thursday, May 15th. They set a “buy” rating and a $53.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, eighteen have assigned a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target of $47.65.

Bank of America Price Performance

Shares of NYSE BAC opened at $48.15 on Wednesday. The firm’s 50-day simple moving average is $43.71 and its 200 day simple moving average is $43.36. The stock has a market cap of $362.66 billion, a P/E ratio of 14.33, a P/E/G ratio of 1.29 and a beta of 1.30. Bank of America Corporation has a fifty-two week low of $33.07 and a fifty-two week high of $48.53. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11.

Bank of America (NYSE:BAC) last announced 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. The firm had revenue of $27.37 billion for the quarter, compared to analysts’ expectations of $26.83 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. Equities analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were paid a $0.26 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.16%. Bank of America’s dividend payout ratio is currently 30.95%.

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.