Bank of America Co. (NYSE:BAC) Shares Sold by Chapman Investment Management LLC

Chapman Investment Management LLC lowered its stake in Bank of America Co. (NYSE:BAC) by 9.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,917 shares of the financial services provider’s stock after selling 1,275 shares during the period. Chapman Investment Management LLC’s holdings in Bank of America were worth $452,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of BAC. Norges Bank acquired a new stake in Bank of America in the 4th quarter valued at about $3,734,407,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its holdings in shares of Bank of America by 360.9% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock valued at $1,255,514,000 after acquiring an additional 29,198,846 shares during the last quarter. Alphinity Investment Management Pty Ltd increased its holdings in shares of Bank of America by 1,071.8% in the 4th quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock valued at $474,150,000 after acquiring an additional 12,880,492 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Bank of America by 10.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock valued at $3,502,720,000 after acquiring an additional 9,879,524 shares during the last quarter. Finally, Fisher Asset Management LLC increased its holdings in shares of Bank of America by 17.1% in the 4th quarter. Fisher Asset Management LLC now owns 37,654,279 shares of the financial services provider’s stock valued at $1,267,820,000 after acquiring an additional 5,488,790 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of Bank of America stock traded up $0.07 during trading on Thursday, reaching $41.81. The company’s stock had a trading volume of 33,806,949 shares, compared to its average volume of 38,299,113. The business has a 50 day moving average price of $39.41 and a 200-day moving average price of $36.52. 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 $326.97 billion, a P/E ratio of 14.47, a price-to-earnings-growth ratio of 1.55 and a beta of 1.35. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $41.90.

Bank of America (NYSE:BAC) last posted its earnings results 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 for the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. Bank of America’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.94 earnings per share. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.22 EPS for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a yield of 2.30%. Bank of America’s payout ratio is 33.22%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on BAC shares. Citigroup increased their price objective on Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a report on Wednesday, March 20th. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and raised their price target for the stock from $37.00 to $42.00 in a research note on Tuesday. StockNews.com downgraded Bank of America from a “hold” rating to a “sell” rating in a research note on Monday, May 20th. Finally, HSBC restated a “hold” rating and set a $39.00 price target (up previously from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $40.41.

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.