Bank of America Co. (NYSE:BAC) Shares Sold by Gibraltar Capital Management Inc.

Gibraltar Capital Management Inc. lowered its position in shares of Bank of America Co. (NYSE:BAC) by 8.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 155,698 shares of the financial services provider’s stock after selling 14,144 shares during the period. Bank of America comprises about 2.7% of Gibraltar Capital Management Inc.’s holdings, making the stock its 23rd largest position. Gibraltar Capital Management Inc.’s holdings in Bank of America were worth $5,904,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Ethos Financial Group LLC increased its position in shares of Bank of America by 6.2% during the fourth quarter. Ethos Financial Group LLC now owns 8,452 shares of the financial services provider’s stock worth $285,000 after purchasing an additional 492 shares in the last quarter. Auxano Advisors LLC boosted its holdings in Bank of America by 234.5% in the 4th quarter. Auxano Advisors LLC now owns 27,356 shares of the financial services provider’s stock valued at $921,000 after purchasing an additional 19,179 shares in the last quarter. Kingswood Wealth Advisors LLC lifted its position in shares of Bank of America by 228.3% during the 4th quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock valued at $2,273,000 after acquiring an additional 46,950 shares during the period. DiNuzzo Private Wealth Inc. acquired a new stake in shares of Bank of America during the 4th quarter valued at approximately $105,000. Finally, Concord Wealth Partners lifted its position in shares of Bank of America by 10.2% during the 4th quarter. Concord Wealth Partners now owns 55,259 shares of the financial services provider’s stock valued at $1,861,000 after acquiring an additional 5,103 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Down 0.5 %

Bank of America stock traded down $0.22 during trading on Friday, reaching $41.59. 31,856,592 shares of the company’s stock were exchanged, compared to its average volume of 30,115,638. The company’s 50-day moving average is $39.60 and its two-hundred day moving average is $36.61. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $41.92. The firm has a market cap of $325.25 billion, a price-to-earnings ratio of 14.39, a PEG ratio of 1.59 and a beta of 1.35.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The firm had revenue of $25.82 billion during 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 firm’s revenue was down 1.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.94 EPS. On average, analysts predict that Bank of America Co. will post 3.22 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were given a $0.24 dividend. The ex-dividend date was Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a yield of 2.31%. Bank of America’s payout ratio is currently 33.22%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on BAC. StockNews.com downgraded Bank of America from a “hold” rating to a “sell” rating in a research report on Monday, May 20th. Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $37.00 to $42.00 in a research report on Tuesday. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $37.00 to $42.00 in a research report on Tuesday. Jefferies Financial Group lifted their price objective on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research report on Wednesday, July 3rd. Finally, JPMorgan Chase & Co. lifted their price objective on Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a research report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $40.41.

About Bank of America

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.