Mutual of America Capital Management LLC grew its position in shares of Bank of America Corp (NYSE:BAC) by 0.5% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,392,038 shares of the financial services provider’s stock after buying an additional 6,625 shares during the quarter. Bank of America accounts for 0.5% of Mutual of America Capital Management LLC’s investment portfolio, making the stock its 23rd largest holding. Mutual of America Capital Management LLC’s holdings in Bank of America were worth $29,553,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Firestone Capital Management purchased a new position in shares of Bank of America in the 4th quarter valued at about $45,000. Wealth Alliance purchased a new position in shares of Bank of America in the 4th quarter valued at about $71,000. TFO TDC LLC purchased a new position in shares of Bank of America in the 4th quarter valued at about $26,000. Cox Capital Mgt LLC purchased a new position in shares of Bank of America in the 1st quarter valued at about $27,000. Finally, Sage Financial Group Inc. purchased a new position in shares of Bank of America in the 4th quarter valued at about $38,000. Institutional investors own 70.08% of the company’s stock.
A number of equities analysts have recently issued reports on BAC shares. Robert W. Baird upgraded shares of Bank of America from a “neutral” rating to an “outperform” rating and set a $34.00 price target for the company in a report on Tuesday, March 17th. Deutsche Bank increased their price objective on shares of Bank of America from $25.00 to $27.00 and gave the company a “hold” rating in a research note on Thursday, April 2nd. Societe Generale raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Tuesday, April 14th. Piper Sandler lowered their price objective on shares of Bank of America from $40.00 to $27.00 and set an “overweight” rating on the stock in a research note on Friday, April 3rd. Finally, Morgan Stanley lowered their price objective on shares of Bank of America from $30.00 to $23.00 and set an “overweight” rating on the stock in a research note on Friday, March 27th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have issued a buy rating to the company. Bank of America has a consensus rating of “Hold” and an average price target of $29.74.
Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $0.40 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by ($0.20). The firm had revenue of $22.77 billion for the quarter, compared to analyst estimates of $22.58 billion. Bank of America had a return on equity of 10.64% and a net margin of 21.64%. Bank of America’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.70 earnings per share. Equities research analysts forecast that Bank of America Corp will post 1.48 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, June 4th. This represents a $0.72 annualized dividend and a dividend yield of 3.18%. Bank of America’s payout ratio is currently 24.49%.
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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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