JTC Employer Solutions Trustee Ltd Has $13.35 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

JTC Employer Solutions Trustee Ltd lessened its holdings in shares of Bank of America Co. (NYSE:BAC) by 14.5% in the 1st quarter, Holdings Channel.com reports. The firm owned 352,800 shares of the financial services provider’s stock after selling 60,000 shares during the quarter. Bank of America makes up approximately 0.8% of JTC Employer Solutions Trustee Ltd’s portfolio, making the stock its 11th largest position. JTC Employer Solutions Trustee Ltd’s holdings in Bank of America were worth $13,345,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the business. Fortis Group Advisors LLC bought a new position in Bank of America during the third quarter valued at about $25,000. Livelsberger Financial Advisory bought a new position in Bank of America during the fourth quarter valued at about $28,000. Criterion Capital Advisors LLC bought a new position in Bank of America during the fourth quarter valued at about $32,000. Northwest Investment Counselors LLC bought a new position in Bank of America during the first quarter valued at about $33,000. Finally, Mark Sheptoff Financial Planning LLC increased its stake 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 valued at $36,000 after acquiring an additional 862 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Down 0.1 %

NYSE:BAC traded down $0.04 during trading hours on Wednesday, hitting $40.89. 17,100,665 shares of the stock were exchanged, compared to its average volume of 38,672,520. The company’s 50 day moving average is $39.00 and its two-hundred day moving average is $36.22. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $41.20. 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 company has a market capitalization of $319.77 billion, a P/E ratio of 14.15, a price-to-earnings-growth ratio of 1.52 and a beta of 1.35.

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 (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The firm had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. During the same quarter in the prior year, the business earned $0.94 EPS. The business’s revenue for the quarter was down 1.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Bank of America Co. will post 3.22 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date was Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is currently 33.22%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on BAC shares. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. UBS Group reiterated a “neutral” rating and issued a $40.00 price objective (up from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Piper Sandler upped their price objective on Bank of America from $35.00 to $37.00 and gave the company an “underweight” rating in a research note on Tuesday, June 4th. Keefe, Bruyette & Woods upgraded Bank of America from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $37.00 to $46.00 in a research note on Friday, June 14th. Finally, Evercore ISI upped their price objective on Bank of America from $41.00 to $43.00 and gave the company an “outperform” rating in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $40.02.

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.