Bank of America Co. (NYSE:BAC) Holdings Decreased by Traynor Capital Management Inc.

Traynor Capital Management Inc. decreased its holdings in shares of Bank of America Co. (NYSE:BAC) by 3.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,916 shares of the financial services provider’s stock after selling 566 shares during the quarter. Traynor Capital Management Inc.’s holdings in Bank of America were worth $604,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Rossmore Private Capital lifted its holdings in Bank of America by 1.2% during the fourth quarter. Rossmore Private Capital now owns 26,537 shares of the financial services provider’s stock worth $894,000 after acquiring an additional 303 shares in the last quarter. Regent Peak Wealth Advisors LLC lifted its holdings in Bank of America by 3.2% during the fourth quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock worth $336,000 after acquiring an additional 314 shares in the last quarter. Kennedy Investment Group lifted its holdings in Bank of America by 0.6% during the fourth quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock worth $1,953,000 after acquiring an additional 321 shares in the last quarter. Private Ocean LLC lifted its holdings in Bank of America by 34.0% during the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 325 shares in the last quarter. Finally, Selective Wealth Management Inc. lifted its holdings in Bank of America by 2.0% during the fourth quarter. Selective Wealth Management Inc. now owns 17,351 shares of the financial services provider’s stock worth $586,000 after acquiring an additional 334 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on BAC. Oppenheimer boosted their price target on Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Tuesday, April 30th. Citigroup boosted their price target on Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a report on Wednesday, March 20th. Piper Sandler boosted their price target on 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 lowered Bank of America from a “hold” rating to a “sell” rating in a report on Monday, May 20th. Finally, Evercore ISI boosted their price target on Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a report on Thursday, April 4th. Two analysts have rated the stock with a sell rating, six have given a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $39.79.

Bank of America Price Performance

Shares of NYSE BAC opened at $40.02 on Tuesday. The business’s 50 day moving average price is $38.61 and its two-hundred day moving average price is $35.89. The company has a market cap of $312.97 billion, a PE ratio of 13.85, a price-to-earnings-growth ratio of 1.76 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. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $40.34.

Bank of America (NYSE:BAC) last announced its quarterly earnings results 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 for the quarter, compared to the consensus estimate 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 revenue was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.94 earnings per share. On average, analysts predict that Bank of America Co. will post 3.21 EPS for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s dividend payout ratio is presently 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.