Bryn Mawr Capital Management LLC Decreases Position in Bank of America Co. (NYSE:BAC)

Bryn Mawr Capital Management LLC lowered its stake in shares of Bank of America Co. (NYSE:BAC) by 1.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 51,319 shares of the financial services provider’s stock after selling 699 shares during the period. Bryn Mawr Capital Management LLC’s holdings in Bank of America were worth $1,946,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of BAC. Alps Advisors Inc. boosted its holdings in Bank of America by 4.0% in the 3rd quarter. Alps Advisors Inc. now owns 34,540 shares of the financial services provider’s stock worth $946,000 after buying an additional 1,333 shares during the period. Townsquare Capital LLC boosted its holdings in Bank of America by 1.2% in the 3rd quarter. Townsquare Capital LLC now owns 326,800 shares of the financial services provider’s stock worth $8,948,000 after buying an additional 3,847 shares during the period. Stonebridge Capital Advisors LLC boosted 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 worth $1,793,000 after buying an additional 2,332 shares during the period. Harbour Investments Inc. boosted its holdings in Bank of America by 5.7% in the 3rd quarter. Harbour Investments Inc. now owns 16,829 shares of the financial services provider’s stock worth $461,000 after buying an additional 901 shares during the period. Finally, Obsidian Personal Planning Solutions LLC bought a new position in Bank of America in the 3rd quarter worth approximately $416,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. JPMorgan Chase & Co. raised their price objective on shares of Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a report on Wednesday, May 1st. Wolfe Research raised shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price target for the company in a report on Friday, April 19th. Piper Sandler raised their price target on shares of Bank of America from $35.00 to $37.00 and gave the company an “underweight” rating in a report on Tuesday, June 4th. StockNews.com downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a report on Monday, May 20th. Finally, Wells Fargo & Company raised their price target on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $40.02.

Bank of America Trading Up 0.2 %

NYSE:BAC traded up $0.07 during trading hours on Monday, reaching $40.48. The company’s stock had a trading volume of 9,209,614 shares, compared to its average volume of 38,326,422. The firm has a 50-day simple moving average of $39.17 and a 200-day simple moving average of $36.38. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $41.20. The firm has a market capitalization of $316.57 billion, a price-to-earnings ratio of 14.13, a PEG 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.

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 (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. During the same quarter in the previous year, the company earned $0.94 earnings per share. The company’s revenue for the quarter was down 1.7% compared to the same quarter last year. Research analysts expect that Bank of America Co. will post 3.22 EPS for the current fiscal 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. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.37%. The ex-dividend date was Friday, June 7th. 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.