CapWealth Advisors LLC Sells 9,313 Shares of Bank of America Co. (NYSE:BAC)

CapWealth Advisors LLC cut its position in Bank of America Co. (NYSE:BAC) by 1.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 741,478 shares of the financial services provider’s stock after selling 9,313 shares during the period. Bank of America makes up 3.2% of CapWealth Advisors LLC’s holdings, making the stock its 8th largest position. CapWealth Advisors LLC’s holdings in Bank of America were worth $28,117,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Harbour Investments Inc. grew its holdings in Bank of America by 5.7% in the third quarter. Harbour Investments Inc. now owns 16,829 shares of the financial services provider’s stock valued at $461,000 after purchasing an additional 901 shares during the period. BRYN MAWR TRUST Co grew its holdings in Bank of America by 15.2% in the third quarter. BRYN MAWR TRUST Co now owns 32,396 shares of the financial services provider’s stock valued at $887,000 after purchasing an additional 4,271 shares during the period. Financial Gravity Asset Management Inc. grew its holdings in Bank of America by 2,500.0% in the third quarter. Financial Gravity Asset Management Inc. now owns 1,716 shares of the financial services provider’s stock valued at $47,000 after purchasing an additional 1,650 shares during the period. Integrated Advisors Network LLC grew its holdings in Bank of America by 3.7% in the third quarter. Integrated Advisors Network LLC now owns 109,853 shares of the financial services provider’s stock valued at $3,008,000 after purchasing an additional 3,926 shares during the period. Finally, Diversified Trust Co grew its holdings in Bank of America by 1.9% in the third quarter. Diversified Trust Co now owns 134,279 shares of the financial services provider’s stock valued at $3,677,000 after purchasing an additional 2,540 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Up 2.0 %

NYSE BAC traded up $0.80 during trading on Tuesday, reaching $41.42. 34,697,299 shares of the company’s stock were exchanged, compared to its average volume of 38,433,242. The stock has a market cap of $323.92 billion, a P/E ratio of 14.33, a price-to-earnings-growth ratio of 1.54 and a beta of 1.35. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The company has a 50 day moving average price of $39.32 and a two-hundred day moving average price of $36.48. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $41.83.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating 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 business had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. During the same period in the previous year, the business earned $0.94 EPS. The business’s quarterly revenue was down 1.7% on a year-over-year basis. On average, equities research analysts anticipate that Bank of America Co. will post 3.22 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed 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 annualized dividend and a yield of 2.32%. The ex-dividend date of this dividend was Friday, June 7th. Bank of America’s dividend payout ratio is presently 33.22%.

Analyst Ratings Changes

Several research firms have recently weighed in on BAC. Keefe, Bruyette & Woods upgraded Bank of America from a “market perform” rating to an “outperform” rating and raised their target price for the company from $37.00 to $46.00 in a research report on Friday, June 14th. Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price on the stock in a research report on Friday, April 19th. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and raised their target price for the company from $37.00 to $42.00 in a research report on Tuesday. Wells Fargo & Company raised their target price on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Finally, Seaport Res Ptn upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $40.41.

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.