Bank of America Co. (NYSE:BAC) Stock Holdings Cut by Cullinan Associates Inc.

Cullinan Associates Inc. cut its position in shares of Bank of America Co. (NYSE:BAC) by 9.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 54,609 shares of the financial services provider’s stock after selling 5,650 shares during the quarter. Cullinan Associates Inc.’s holdings in Bank of America were worth $2,071,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Livelsberger Financial Advisory acquired a new stake in shares of Bank of America in the fourth quarter worth about $28,000. Northwest Investment Counselors LLC acquired a new stake in Bank of America in the 1st quarter worth approximately $33,000. Fortis Group Advisors LLC bought a new stake in Bank of America during the third quarter worth approximately $25,000. Criterion Capital Advisors LLC acquired a new position in Bank of America during the fourth quarter valued at approximately $32,000. Finally, Mark Sheptoff Financial Planning LLC lifted its stake in shares of Bank of America by 431.0% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 1,062 shares of the financial services provider’s stock worth $36,000 after buying an additional 862 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the topic of several recent analyst reports. StockNews.com downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a report on Monday, May 20th. BMO Capital Markets boosted their price objective on Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research report on Thursday, April 18th. Citigroup raised their target price 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 upped their price target on Bank of America from $35.00 to $37.00 and gave the stock an “underweight” rating in a report on Tuesday, June 4th. Finally, HSBC restated a “hold” rating and issued a $39.00 price objective (up previously from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Two analysts have rated the stock with a sell rating, six have given a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $39.79.

Bank of America Stock Up 2.3 %

Shares of NYSE BAC opened at $40.93 on Wednesday. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $40.96. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The business has a fifty day moving average of $38.95 and a two-hundred day moving average of $36.17. The stock has a market cap of $320.09 billion, a PE ratio of 14.16, a PEG ratio of 1.52 and a beta of 1.35.

Bank of America (NYSE:BAC) last issued 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 firm had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.94 earnings per share. As a group, equities research 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 disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date of this dividend was Friday, June 7th. Bank of America’s dividend payout ratio is currently 33.22%.

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.