Chapin Davis Inc. Has $1.90 Million Holdings in Bank of America Co. (NYSE:BAC)

Chapin Davis Inc. decreased its position in shares of Bank of America Co. (NYSE:BAC) by 10.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 49,965 shares of the financial services provider’s stock after selling 5,700 shares during the period. Chapin Davis Inc.’s holdings in Bank of America were worth $1,895,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Fortis Group Advisors LLC acquired a new stake in Bank of America during the 3rd quarter valued at $25,000. Livelsberger Financial Advisory bought a new stake in Bank of America during the 4th quarter worth about $28,000. Criterion Capital Advisors LLC bought a new position in shares of Bank of America in the fourth quarter worth about $32,000. Northwest Investment Counselors LLC acquired a new position in shares of Bank of America during the first quarter worth approximately $33,000. Finally, Mark Sheptoff Financial Planning LLC grew its stake in shares of 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 valued at $36,000 after purchasing an additional 862 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

BAC stock opened at $40.06 on Monday. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $40.34. The business’s 50-day moving average price is $38.91 and its two-hundred day moving average price is $36.12. The firm has a market cap of $313.28 billion, a PE ratio of 13.76, a P/E/G ratio of 1.52 and a beta of 1.35. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

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, beating 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 business 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 business posted $0.94 EPS. Bank of America’s revenue for the quarter was down 1.7% on a year-over-year basis. As a group, research analysts forecast that Bank of America Co. will post 3.22 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.40%. The ex-dividend date of this dividend was Friday, June 7th. Bank of America’s dividend payout ratio is 33.22%.

Analyst Ratings Changes

Several research firms recently weighed in on BAC. Jefferies Financial Group boosted their price objective on shares of Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research report on Monday, April 8th. Keefe, Bruyette & Woods raised Bank of America from a “market perform” rating to an “outperform” rating and upped their price target for the company from $37.00 to $46.00 in a research note on Friday, June 14th. Wells Fargo & Company boosted their price objective on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Citigroup raised their target price on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, March 20th. Finally, HSBC reissued a “hold” rating and set a $39.00 price target (up from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average 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.