Bank of America Co. (NYSE:BAC) Shares Sold by Requisite Capital Management LLC

Requisite Capital Management LLC cut its position in shares of Bank of America Co. (NYSE:BAC) by 5.5% in the 1st quarter, HoldingsChannel.com reports. The firm owned 4,987 shares of the financial services provider’s stock after selling 289 shares during the period. Requisite Capital Management LLC’s holdings in Bank of America were worth $208,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. Geode Capital Management LLC boosted its position in shares of Bank of America by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider’s stock worth $6,243,000,000 after buying an additional 2,033,229 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in Bank of America by 10.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock worth $5,381,126,000 after acquiring an additional 11,691,451 shares during the last quarter. Norges Bank purchased a new stake in shares of Bank of America in the fourth quarter valued at about $5,226,989,000. Capital World Investors grew its position in shares of Bank of America by 23.9% in the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock valued at $3,876,853,000 after purchasing an additional 17,031,143 shares during the last quarter. Finally, Northern Trust Corp increased its stake in shares of Bank of America by 17.2% during the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock worth $2,985,785,000 after purchasing an additional 9,980,859 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Cowen began coverage on Bank of America in a research note on Wednesday, May 14th. They issued a “buy” rating on the stock. Barclays reduced their price objective on Bank of America from $58.00 to $54.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. TD Cowen initiated coverage on Bank of America in a research note on Thursday, May 15th. They set a “buy” rating and a $53.00 price objective on the stock. Piper Sandler reduced their target price on shares of Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a report on Wednesday, April 16th. Finally, Truist Financial decreased their price target on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have assigned a buy rating and four have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.50.

Bank of America Price Performance

BAC stock opened at $44.93 on Tuesday. The company has a market cap of $338.41 billion, a PE ratio of 13.95, a price-to-earnings-growth ratio of 1.21 and a beta of 1.30. Bank of America Co. has a 12-month low of $33.07 and a 12-month high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock has a 50-day moving average price of $40.78 and a two-hundred day moving average price of $43.44.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating the consensus estimate of $0.80 by $0.10. The firm had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. As a group, research analysts predict that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

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

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.