Chapman Investment Management LLC Has $452,000 Stock Position in Bank of America Co. (NYSE:BAC)

Chapman Investment Management LLC lowered its stake in Bank of America Co. (NYSE:BAC) by 9.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,917 shares of the financial services provider’s stock after selling 1,275 shares during the period. Chapman Investment Management LLC’s holdings in Bank of America were worth $452,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in BAC. Harbour Investments Inc. increased its stake in Bank of America by 5.7% in the third quarter. Harbour Investments Inc. now owns 16,829 shares of the financial services provider’s stock valued at $461,000 after purchasing an additional 901 shares in the last quarter. Financial Gravity Asset Management Inc. increased its stake in Bank of America by 2,500.0% in the third quarter. Financial Gravity Asset Management Inc. now owns 1,716 shares of the financial services provider’s stock valued at $47,000 after purchasing an additional 1,650 shares in the last quarter. Allen Mooney & Barnes Investment Advisors LLC bought a new stake in Bank of America in the third quarter valued at $527,000. Graham Capital Management L.P. increased its stake in Bank of America by 2,940.0% in the third quarter. Graham Capital Management L.P. now owns 829,467 shares of the financial services provider’s stock valued at $22,711,000 after purchasing an additional 802,182 shares in the last quarter. Finally, Public Sector Pension Investment Board increased its stake in Bank of America by 8.9% in the third quarter. Public Sector Pension Investment Board now owns 2,785,115 shares of the financial services provider’s stock valued at $76,256,000 after purchasing an additional 228,646 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

BAC traded up $0.07 on Thursday, hitting $41.81. The company’s stock had a trading volume of 33,806,949 shares, compared to its average volume of 38,299,113. The company’s 50 day simple moving average is $39.41 and its 200-day simple moving average is $36.52. The firm has a market cap of $326.97 billion, a P/E ratio of 14.47, a price-to-earnings-growth ratio of 1.55 and a beta of 1.35. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $41.90. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate 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 company had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. During the same period last year, the firm earned $0.94 EPS. Bank of America’s revenue for the quarter was down 1.7% on a year-over-year basis. Analysts forecast that Bank of America Co. will post 3.22 EPS for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.30%. The ex-dividend date was Friday, June 7th. Bank of America’s dividend payout ratio is presently 33.22%.

Analyst Ratings Changes

A number of research firms recently weighed in on BAC. Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and upped their target price for the stock from $37.00 to $42.00 in a report on Tuesday. Wells Fargo & Company upped their target price on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. UBS Group restated a “neutral” rating and issued a $40.00 target price (up previously from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Finally, BMO Capital Markets upped their price objective on shares of 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. One analyst has rated the stock with a sell rating, eight have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $40.41.

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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.