tru Independence LLC Has $7.88 Million Stake in Bank of America Co. (NYSE:BAC)

tru Independence LLC cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 2.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 207,754 shares of the financial services provider’s stock after selling 4,169 shares during the period. Bank of America makes up approximately 2.3% of tru Independence LLC’s holdings, making the stock its 7th biggest position. tru Independence LLC’s holdings in Bank of America were worth $7,878,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Fortis Group Advisors LLC purchased a new stake in shares of Bank of America in the 3rd quarter valued at approximately $25,000. Livelsberger Financial Advisory purchased a new stake in Bank of America in the 4th quarter worth approximately $28,000. Criterion Capital Advisors LLC purchased a new stake in Bank of America in the 4th quarter worth approximately $32,000. Northwest Investment Counselors LLC purchased a new stake in Bank of America in the 1st quarter worth approximately $33,000. Finally, Mark Sheptoff Financial Planning LLC lifted its position in Bank of America by 431.0% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 1,062 shares of the financial services provider’s stock worth $36,000 after buying an additional 862 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on BAC shares. Evercore ISI increased their target price on shares of Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. Piper Sandler increased their price target on shares of Bank of America from $35.00 to $37.00 and gave the stock an “underweight” rating in a research note on Tuesday, June 4th. Keefe, Bruyette & Woods upgraded shares of Bank of America from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $37.00 to $46.00 in a research note on Friday, June 14th. Jefferies Financial Group increased their price target on shares of Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research note on Monday, April 8th. Finally, StockNews.com lowered shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Monday, May 20th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $39.79.

Bank of America Stock Performance

NYSE BAC traded up $0.27 during midday trading on Tuesday, hitting $40.28. The company had a trading volume of 8,523,764 shares, compared to its average volume of 38,628,629. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock has a market cap of $315.00 billion, a price-to-earnings ratio of 13.92, a P/E/G ratio of 1.52 and a beta of 1.35. The firm has a fifty day simple moving average of $38.91 and a two-hundred day simple moving average of $36.12. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $40.34.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The company had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period last year, the firm earned $0.94 EPS. Equities analysts forecast that Bank of America Co. will post 3.22 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date of this dividend was Friday, June 7th. Bank of America’s payout ratio is 33.22%.

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.