InTrack Investment Management Inc Lowers Stock Holdings in Bank of America Co. (NYSE:BAC)

InTrack Investment Management Inc lessened its holdings in Bank of America Co. (NYSE:BAC) by 6.6% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 39,651 shares of the financial services provider’s stock after selling 2,783 shares during the period. Bank of America accounts for approximately 1.1% of InTrack Investment Management Inc’s holdings, making the stock its 22nd biggest position. InTrack Investment Management Inc’s holdings in Bank of America were worth $1,504,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Ethos Financial Group LLC boosted its stake in Bank of America by 6.2% in the 4th 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 during the period. Auxano Advisors LLC grew its stake in Bank of America by 234.5% during the fourth quarter. Auxano Advisors LLC now owns 27,356 shares of the financial services provider’s stock valued at $921,000 after acquiring an additional 19,179 shares in the last quarter. Stonebridge Capital Advisors LLC increased its holdings in Bank of America by 3.7% in the 3rd quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock valued at $1,793,000 after acquiring an additional 2,332 shares during the last quarter. Kingswood Wealth Advisors LLC lifted its stake in Bank of America by 228.3% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock worth $2,273,000 after purchasing an additional 46,950 shares in the last quarter. Finally, DiNuzzo Private Wealth Inc. bought a new position in shares of Bank of America during the 4th quarter valued at about $105,000. 70.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on BAC shares. Wells Fargo & Company boosted their target price on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Jefferies Financial Group increased their target price on Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research report on Monday, April 8th. Citigroup upped their price target on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, March 20th. HSBC reissued a “hold” rating and issued a $39.00 price objective (up from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Finally, Piper Sandler upped their target price on shares of Bank of America from $35.00 to $37.00 and gave the company an “underweight” rating in a research report on Tuesday, June 4th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, Bank of America currently has an average rating of “Hold” and an average price target of $39.79.

Bank of America Stock Performance

BAC stock traded up $0.92 during midday trading on Tuesday, reaching $40.93. The stock had a trading volume of 35,616,728 shares, compared to its average volume of 38,837,402. The firm has a fifty day simple moving average of $38.95 and a two-hundred day simple moving average of $36.17. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $40.96. 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 stock has a market cap of $320.09 billion, a PE ratio of 14.16, a P/E/G ratio of 1.52 and a beta of 1.35.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. During the same period in the prior year, the firm earned $0.94 EPS. The business’s revenue for the quarter was down 1.7% on a year-over-year basis. As a group, equities research analysts anticipate that Bank of America Co. will post 3.22 EPS 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 issued a $0.24 dividend. 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 2.35%. Bank of America’s payout ratio is 33.22%.

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.