Bank of America Co. (NYSE:BAC) Stock Position Reduced by Aspiriant LLC

Aspiriant LLC lessened its position in shares of Bank of America Co. (NYSE:BAC) by 2.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 45,388 shares of the financial services provider’s stock after selling 1,016 shares during the period. Aspiriant LLC’s holdings in Bank of America were worth $1,721,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Bank of America during the 4th quarter worth approximately $3,734,407,000. Price T Rowe Associates Inc. MD raised its position in shares of Bank of America by 10.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock worth $3,502,720,000 after purchasing an additional 9,879,524 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Bank of America by 3.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 41,833,075 shares of the financial services provider’s stock worth $1,408,520,000 after purchasing an additional 1,315,056 shares during the period. Parnassus Investments LLC raised its position in shares of Bank of America by 7.8% during the 4th quarter. Parnassus Investments LLC now owns 40,508,709 shares of the financial services provider’s stock worth $1,363,928,000 after purchasing an additional 2,935,040 shares during the period. Finally, Capital World Investors raised its position in shares of Bank of America by 12.1% during the 4th quarter. Capital World Investors now owns 40,189,379 shares of the financial services provider’s stock worth $1,353,216,000 after purchasing an additional 4,338,679 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 1.0 %

Shares of BAC stock opened at $39.00 on Thursday. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $40.34. The stock has a market cap of $304.99 billion, a PE ratio of 13.49, a price-to-earnings-growth ratio of 1.50 and a beta of 1.36. The business’s fifty day moving average is $38.71 and its 200-day moving average is $35.95. 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 for the quarter, topping the consensus estimate of $0.77 by $0.06. The business had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company’s revenue was down 1.7% compared to the same quarter last year. During the same period last year, the company posted $0.94 EPS. Equities analysts expect that Bank of America Co. will post 3.22 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.46%. Bank of America’s dividend payout ratio is 33.22%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on BAC shares. UBS Group reiterated a “neutral” rating and set a $40.00 price target (up from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. StockNews.com cut Bank of America from a “hold” rating to a “sell” rating in a research report on Monday, May 20th. Jefferies Financial Group raised 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. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Finally, Piper Sandler raised their target price on 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 given a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $39.79.

Bank of America Company 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.