Signet Financial Management LLC Reduces Holdings in Bank of America Co. (NYSE:BAC)

Signet Financial Management LLC decreased its position in shares of Bank of America Co. (NYSE:BAC) by 6.9% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 129,362 shares of the financial services provider’s stock after selling 9,566 shares during the quarter. Signet Financial Management LLC’s holdings in Bank of America were worth $4,905,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in BAC. Norges Bank acquired a new stake in Bank of America in the fourth quarter valued at about $3,734,407,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its position in shares of Bank of America by 360.9% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock valued at $1,255,514,000 after acquiring an additional 29,198,846 shares during the period. Alphinity Investment Management Pty Ltd lifted its position in shares of Bank of America by 1,071.8% during the 4th quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock valued at $474,150,000 after acquiring an additional 12,880,492 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of Bank of America by 10.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock valued at $3,502,720,000 after acquiring an additional 9,879,524 shares during the period. Finally, Darsana Capital Partners LP acquired a new stake in shares of Bank of America during the 3rd quarter valued at approximately $177,970,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on BAC. Jefferies Financial Group lifted their price target on shares of Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research report on Monday, April 8th. Piper Sandler lifted their price objective on Bank of America from $35.00 to $37.00 and gave the stock an “underweight” rating in a research report on Tuesday, June 4th. BMO Capital Markets lifted 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. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Finally, Oppenheimer lifted their price objective on Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 30th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $39.79.

Bank of America Stock Up 0.3 %

Bank of America stock traded up $0.10 during trading on Thursday, reaching $39.10. 13,532,647 shares of the company’s stock were exchanged, compared to its average volume of 38,731,328. The company’s 50-day moving average is $38.78 and its two-hundred day moving average is $35.97. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $40.34. The firm has a market cap of $305.78 billion, a price-to-earnings ratio of 13.48, a PEG ratio of 1.50 and a beta of 1.36.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. During the same quarter in the previous year, the business posted $0.94 EPS. The firm’s revenue was down 1.7% compared to the same quarter last year. On average, analysts predict that Bank of America Co. will post 3.22 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be issued a $0.24 dividend. The ex-dividend date is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a yield of 2.46%. Bank of America’s dividend payout ratio is currently 33.22%.

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.