CapWealth Advisors LLC Cuts Stake in Bank of America Co. (NYSE:BAC)

CapWealth Advisors LLC lessened its holdings in shares of Bank of America Co. (NYSE:BAC) by 1.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 741,478 shares of the financial services provider’s stock after selling 9,313 shares during the period. Bank of America accounts for about 3.2% of CapWealth Advisors LLC’s investment portfolio, making the stock its 8th biggest holding. CapWealth Advisors LLC’s holdings in Bank of America were worth $28,117,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in BAC. Fortis Group Advisors LLC bought a new stake in shares of Bank of America during the third quarter valued at approximately $25,000. Livelsberger Financial Advisory bought a new stake in Bank of America during the fourth quarter worth approximately $28,000. Criterion Capital Advisors LLC bought a new stake in Bank of America during the fourth quarter worth approximately $32,000. Northwest Investment Counselors LLC bought a new stake in Bank of America during the first quarter worth approximately $33,000. Finally, Mark Sheptoff Financial Planning LLC raised its holdings in Bank of America by 431.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 1,062 shares of the financial services provider’s stock worth $36,000 after purchasing an additional 862 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently commented on BAC. Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. Citigroup boosted their target price on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday, March 20th. Piper Sandler Companies raised Bank of America from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $37.00 to $42.00 in a report on Tuesday. Evercore ISI boosted their target price on Bank of America from $41.00 to $43.00 and gave the stock an “outperform” rating in a report on Wednesday, July 3rd. Finally, Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $37.00 to $42.00 in a research report on Tuesday. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $40.41.

Bank of America Trading Up 2.0 %

NYSE BAC traded up $0.80 on Tuesday, hitting $41.42. 34,697,299 shares of the stock were exchanged, compared to its average volume of 38,433,242. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $41.83. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The company has a market capitalization of $323.92 billion, a price-to-earnings ratio of 14.33, a P/E/G ratio of 1.54 and a beta of 1.35. The company’s 50-day moving average price is $39.32 and its two-hundred day moving average price is $36.48.

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

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date was Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is currently 33.22%.

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.