RMB Capital Management LLC decreased its stake in Bank of America Co. (NYSE:BAC) by 1.1% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 25,827 shares of the financial services provider’s stock after selling 279 shares during the quarter. RMB Capital Management LLC’s holdings in Bank of America were worth $999,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in BAC. Ritter Daniher Financial Advisory LLC lifted its stake in shares of Bank of America by 156.7% during the 1st quarter. Ritter Daniher Financial Advisory LLC now owns 819 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 500 shares during the last quarter. Truvestments Capital LLC bought a new stake in shares of Bank of America during the 4th quarter worth approximately $25,000. Sage Financial Management Group Inc. bought a new stake in shares of Bank of America during the 1st quarter worth approximately $33,000. Mascoma Wealth Management LLC bought a new stake in shares of Bank of America during the 1st quarter worth approximately $36,000. Finally, Moisand Fitzgerald Tamayo LLC raised its position in Bank of America by 42.0% during the 1st quarter. Moisand Fitzgerald Tamayo LLC now owns 1,018 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 301 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.
A number of research analysts have recently issued reports on BAC shares. Jefferies Financial Group lifted their price target on Bank of America from $33.00 to $41.00 and gave the company a “hold” rating in a report on Friday, April 9th. Barclays boosted their target price on Bank of America from $40.00 to $45.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 7th. Truist assumed coverage on Bank of America in a research note on Wednesday, June 2nd. They set a “buy” rating on the stock. Robert W. Baird restated a “neutral” rating and set a $42.00 target price on shares of Bank of America in a research note on Monday, May 10th. Finally, Royal Bank of Canada boosted their target price on Bank of America from $37.00 to $44.00 and gave the stock an “outperform” rating in a research note on Friday, April 16th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $38.47.
Bank of America (NYSE:BAC) last issued its quarterly earnings data on Thursday, April 15th. The financial services provider reported $0.86 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.21. The business had revenue of $22.80 billion during the quarter, compared to analysts’ expectations of $21.67 billion. Bank of America had a return on equity of 8.90% and a net margin of 24.09%. The company’s revenue for the quarter was up .1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.40 EPS. As a group, research analysts expect that Bank of America Co. will post 3.11 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 25th. Stockholders of record on Friday, June 4th will be issued a $0.18 dividend. The ex-dividend date is Thursday, June 3rd. This represents a $0.72 annualized dividend and a dividend yield of 1.73%. Bank of America’s dividend payout ratio (DPR) is presently 38.50%.
Bank of America declared that its board has authorized a share repurchase program on Thursday, April 15th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.
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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
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