JTC Employer Solutions Trustee Ltd Trims Stock Holdings in Bank of America Co. (NYSE:BAC)

JTC Employer Solutions Trustee Ltd lowered its position in Bank of America Co. (NYSE:BAC) by 14.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 352,800 shares of the financial services provider’s stock after selling 60,000 shares during the quarter. Bank of America makes up approximately 0.8% of JTC Employer Solutions Trustee Ltd’s portfolio, making the stock its 11th biggest position. JTC Employer Solutions Trustee Ltd’s holdings in Bank of America were worth $13,345,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BAC. Fortis Group Advisors LLC purchased a new stake in shares of Bank of America during the third quarter worth approximately $25,000. Livelsberger Financial Advisory purchased a new stake in shares of Bank of America during the fourth quarter worth approximately $28,000. Criterion Capital Advisors LLC purchased a new stake in shares of Bank of America during the fourth quarter worth approximately $32,000. Northwest Investment Counselors LLC purchased a new stake in shares of Bank of America during the first quarter worth approximately $33,000. Finally, Mark Sheptoff Financial Planning LLC grew its holdings in 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 worth $36,000 after acquiring an additional 862 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Evercore ISI upped their price objective on Bank of America from $41.00 to $43.00 and gave the stock an “outperform” rating in a report on Wednesday. JPMorgan Chase & Co. upped their price objective on Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a report on Wednesday, May 1st. BMO Capital Markets upped their price objective on Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a report on Thursday, April 18th. Piper Sandler upped their price objective on Bank of America from $35.00 to $37.00 and gave the stock an “underweight” rating in a report on Tuesday, June 4th. Finally, UBS Group reaffirmed a “neutral” rating and set a $40.00 price objective (up previously from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Two analysts have rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $40.02.

Bank of America Trading Down 0.1 %

NYSE BAC traded down $0.04 during trading hours on Wednesday, hitting $40.89. 17,100,665 shares of the company’s stock were exchanged, compared to its average volume of 38,672,520. The business’s 50 day moving average is $39.00 and its 200-day moving average is $36.22. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $41.20. The firm has a market capitalization of $319.77 billion, a P/E ratio of 14.15, a price-to-earnings-growth ratio of 1.52 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.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping 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 firm 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 business posted $0.94 earnings per share. The firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. As a group, analysts anticipate that Bank of America Co. will post 3.22 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders 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 dividend yield of 2.35%. Bank of America’s dividend payout ratio (DPR) is 33.22%.

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.