STAR Financial Bank Decreases Stake in Bank of America Co. (NYSE:BAC)

STAR Financial Bank cut its holdings in Bank of America Co. (NYSE:BAC) by 4.6% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,533 shares of the financial services provider’s stock after selling 510 shares during the period. STAR Financial Bank’s holdings in Bank of America were worth $399,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Joel Isaacson & Co. LLC increased its position in Bank of America by 0.3% during the 1st quarter. Joel Isaacson & Co. LLC now owns 108,529 shares of the financial services provider’s stock worth $4,115,000 after purchasing an additional 294 shares in the last quarter. CKW Financial Group increased its position in Bank of America by 1.5% in the 1st quarter. CKW Financial Group now owns 20,069 shares of the financial services provider’s stock valued at $753,000 after acquiring an additional 300 shares during the period. Rossmore Private Capital increased its position in shares of Bank of America by 1.2% during the fourth quarter. Rossmore Private Capital now owns 26,537 shares of the financial services provider’s stock worth $894,000 after buying an additional 303 shares during the period. Chemistry Wealth Management LLC increased its position in shares of Bank of America by 0.3% during the first quarter. Chemistry Wealth Management LLC now owns 109,541 shares of the financial services provider’s stock worth $4,154,000 after buying an additional 310 shares during the period. Finally, Regent Peak Wealth Advisors LLC increased its position in shares of Bank of America by 3.2% during the fourth quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock worth $336,000 after buying an additional 314 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on BAC shares. Citigroup increased their price objective on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 20th. Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their price objective for the stock from $37.00 to $42.00 in a research report on Tuesday. UBS Group reiterated a “neutral” rating and set a $40.00 price objective (up from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. BMO Capital Markets increased their target price on shares of Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research note on Thursday, April 18th. Finally, Evercore ISI increased their target price on shares of Bank of America from $41.00 to $43.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 3rd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $40.41.

Bank of America Stock Performance

NYSE BAC traded up $0.30 during trading hours on Wednesday, reaching $41.72. 25,289,703 shares of the company were exchanged, compared to its average volume of 38,332,094. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $41.83. The business’s 50 day simple moving average is $39.41 and its 200-day simple moving average is $36.52. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock has a market capitalization of $326.27 billion, a P/E ratio of 14.44, a P/E/G ratio of 1.55 and a beta of 1.35.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (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 business had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. During the same quarter last year, the company posted $0.94 earnings per share. The firm’s quarterly revenue was down 1.7% compared to the same quarter last year. On average, equities research analysts expect that Bank of America Co. will post 3.22 earnings per share for the current year.

Bank of America Announces Dividend

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

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.