Gamco Investors INC. ET AL Sells 1,101 Shares of Bank of America Co. (NYSE:BAC)

Gamco Investors INC. ET AL lowered its holdings in Bank of America Co. (NYSE:BAC) by 0.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,187,997 shares of the financial services provider’s stock after selling 1,101 shares during the quarter. Gamco Investors INC. ET AL’s holdings in Bank of America were worth $48,969,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in BAC. 180 Wealth Advisors LLC increased its holdings in shares of Bank of America by 1.4% during the first quarter. 180 Wealth Advisors LLC now owns 18,348 shares of the financial services provider’s stock worth $726,000 after buying an additional 260 shares in the last quarter. Weik Capital Management increased its holdings in Bank of America by 1.0% during the 4th quarter. Weik Capital Management now owns 28,595 shares of the financial services provider’s stock valued at $1,272,000 after purchasing an additional 275 shares in the last quarter. Verus Financial Partners Inc. raised its position in Bank of America by 3.4% in the 1st quarter. Verus Financial Partners Inc. now owns 8,777 shares of the financial services provider’s stock valued at $344,000 after purchasing an additional 287 shares during the last quarter. Abbrea Capital LLC boosted its stake in Bank of America by 0.4% in the first quarter. Abbrea Capital LLC now owns 79,121 shares of the financial services provider’s stock worth $3,261,000 after purchasing an additional 290 shares in the last quarter. Finally, Pitcairn Co. grew its holdings in shares of Bank of America by 0.3% during the fourth quarter. Pitcairn Co. now owns 101,570 shares of the financial services provider’s stock worth $4,519,000 after purchasing an additional 292 shares during the last quarter. Institutional investors and hedge funds own 68.48% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Piper Sandler reduced their price target on shares of Bank of America from $51.00 to $47.00 and set an “overweight” rating on the stock in a research report on Friday, July 1st. Barclays lowered their price target on shares of Bank of America from $58.00 to $51.00 and set an “overweight” rating for the company in a report on Tuesday, July 19th. Deutsche Bank Aktiengesellschaft reduced their price objective on Bank of America from $51.00 to $45.00 and set a “buy” rating on the stock in a report on Monday. Morgan Stanley lowered their target price on Bank of America from $47.00 to $40.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 12th. Finally, Royal Bank of Canada cut their price target on Bank of America from $45.00 to $40.00 in a research note on Tuesday, July 19th. Six analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $46.58.

Bank of America Trading Down 3.6 %

BAC opened at $34.00 on Wednesday. Bank of America Co. has a twelve month low of $29.67 and a twelve month high of $50.11. The firm has a market cap of $273.20 billion, a PE ratio of 10.63, a price-to-earnings-growth ratio of 1.56 and a beta of 1.37. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.74 and a current ratio of 0.74. The firm’s fifty day moving average is $33.76 and its two-hundred day moving average is $36.19.

Bank of America (NYSE:BACGet Rating) last posted its earnings results on Monday, July 18th. The financial services provider reported $0.73 earnings per share for the quarter, missing the consensus estimate of $0.77 by ($0.04). The business had revenue of $22.69 billion for the quarter, compared to the consensus estimate of $22.79 billion. Bank of America had a return on equity of 11.51% and a net margin of 28.89%. The business’s revenue was up 5.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.03 earnings per share. Equities research analysts anticipate that Bank of America Co. will post 3.2 EPS for the current year.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Friday, September 2nd will be issued a dividend of $0.22 per share. This is an increase from Bank of America’s previous quarterly dividend of $0.21. This represents a $0.88 annualized dividend and a yield of 2.59%. The ex-dividend date of this dividend is Thursday, September 1st. Bank of America’s dividend payout ratio (DPR) is 27.50%.

Bank of America Company Profile

(Get Rating)

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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