Seneca House Advisors Sells 660 Shares of Bank of America Co. (NYSE:BAC)

Seneca House Advisors trimmed its position in Bank of America Co. (NYSE:BAC) by 2.4% during the first quarter, Holdings Channel reports. The institutional investor owned 26,733 shares of the financial services provider’s stock after selling 660 shares during the quarter. Seneca House Advisors’ holdings in Bank of America were worth $1,116,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Geode Capital Management LLC boosted its position in 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 valued at $6,243,000,000 after buying an additional 2,033,229 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Bank of America by 10.6% in the 4th 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 purchasing an additional 11,691,451 shares during the last quarter. Norges Bank bought a new position in shares of Bank of America in the 4th quarter worth $5,226,989,000. Capital World Investors boosted its position in shares of Bank of America by 23.9% in the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock worth $3,876,853,000 after purchasing an additional 17,031,143 shares during the last quarter. Finally, Northern Trust Corp boosted its position in shares of Bank of America by 17.2% in 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 during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on BAC. Truist Financial reduced their price target on Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Royal Bank of Canada reduced their price target on Bank of America from $50.00 to $45.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 16th. Phillip Securities upgraded Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, April 17th. JPMorgan Chase & Co. reduced their price target on Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a research report on Thursday, April 3rd. Finally, UBS Group raised their price objective on Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, seventeen have given a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and an average target price of $47.50.

Bank of America Stock Performance

BAC opened at $45.01 on Friday. The business’s 50-day moving average price is $40.71 and its two-hundred day moving average price is $43.50. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08. The company has a market capitalization of $339.01 billion, a price-to-earnings ratio of 13.98, a P/E/G ratio of 1.21 and a beta of 1.30. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

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

Bank of America Dividend Announcement

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

Bank of America 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.