BTC Capital Management Inc. Invests $758,000 in Bank of America Co. (NYSE:BAC)

BTC Capital Management Inc. acquired a new position in Bank of America Co. (NYSE:BAC) during the first quarter, HoldingsChannel reports. The institutional investor acquired 20,000 shares of the financial services provider’s stock, valued at approximately $758,000.

Other large investors have also recently made changes to their positions in the company. Fortis Group Advisors LLC bought a new stake in shares of Bank of America in the 3rd quarter worth approximately $25,000. Livelsberger Financial Advisory bought a new stake in shares of Bank of America in the 4th quarter worth approximately $28,000. Criterion Capital Advisors LLC bought a new stake in shares of Bank of America during the fourth quarter valued at approximately $32,000. Mark Sheptoff Financial Planning LLC boosted its position in shares of 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 purchasing an additional 862 shares in the last quarter. Finally, ZRC Wealth Management LLC boosted its position in shares of Bank of America by 192.3% during the fourth quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 750 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Performance

NYSE BAC opened at $39.49 on Friday. The firm has a market cap of $308.83 billion, a price-to-earnings ratio of 13.65, a price-to-earnings-growth ratio of 1.78 and a beta of 1.36. 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 business has a 50-day moving average price of $38.53 and a 200-day moving average price of $35.75. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $40.31.

Bank of America (NYSE:BAC) last released its quarterly earnings data 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 analyst estimates of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.94 earnings per share. As a group, equities research analysts predict that Bank of America Co. will post 3.21 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be given a $0.24 dividend. The ex-dividend date is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.43%. Bank of America’s dividend payout ratio is currently 33.22%.

Analyst Upgrades and Downgrades

BAC has been the topic of several research reports. Citigroup lifted their price target on Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research report on Wednesday, March 20th. Oppenheimer lifted their price objective on Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a research note on Tuesday, April 30th. Piper Sandler lifted 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. StockNews.com cut Bank of America from a “hold” rating to a “sell” rating in a research note on Monday, May 20th. Finally, JPMorgan Chase & Co. lifted their price objective on Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a research note on Wednesday, May 1st. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $39.79.

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.