Bank of America Co. (NYSE:BAC) Shares Sold by Cherrydale Wealth Management LLC

Cherrydale Wealth Management LLC trimmed its stake in Bank of America Co. (NYSE:BAC) by 4.3% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 9,594 shares of the financial services provider’s stock after selling 433 shares during the quarter. Cherrydale Wealth Management LLC’s holdings in Bank of America were worth $400,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the stock. AHL Investment Management Inc. grew its holdings in shares of Bank of America by 5.4% in the 1st quarter. AHL Investment Management Inc. now owns 5,953 shares of the financial services provider’s stock worth $248,000 after acquiring an additional 303 shares during the last quarter. Single Point Partners LLC grew its holdings in shares of Bank of America by 306.1% in the 1st quarter. Single Point Partners LLC now owns 27,631 shares of the financial services provider’s stock worth $1,153,000 after acquiring an additional 20,827 shares during the last quarter. Abacus Planning Group Inc. grew its holdings in shares of Bank of America by 4.0% during the first quarter. Abacus Planning Group Inc. now owns 54,654 shares of the financial services provider’s stock valued at $2,281,000 after buying an additional 2,084 shares in the last quarter. Hickory Point Bank & Trust grew its holdings in shares of Bank of America by 3.1% during the first quarter. Hickory Point Bank & Trust now owns 21,213 shares of the financial services provider’s stock valued at $885,000 after buying an additional 645 shares in the last quarter. Finally, Central Bank & Trust Co. purchased a new position in shares of Bank of America during the first quarter valued at $223,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of BAC opened at $45.01 on Monday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a 50 day moving average price of $40.71 and a two-hundred day moving average price of $43.46. The firm has a market capitalization of $339.01 billion, a P/E ratio of 13.98, a P/E/G ratio of 1.21 and a beta of 1.30. Bank of America Co. has a 52 week low of $33.07 and a 52 week high of $48.08.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Equities analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.31%. Bank of America’s payout ratio is 30.95%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. UBS Group lifted their price objective on Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, April 16th. Piper Sandler reduced their price objective on Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a research report on Wednesday, April 16th. Cfra Research lifted their price objective on Bank of America to $47.00 and gave the company a “buy” rating in a research report on Wednesday, April 16th. TD Cowen initiated coverage on Bank of America in a research report on Thursday, May 15th. They set a “buy” rating and a $53.00 price objective for the company. Finally, Truist Financial reduced their price target on Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have assigned a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus target price of $47.50.

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.