Rosenblum Silverman Sutton S F Inc. CA Lowers Holdings in Bank of America Co. (NYSE:BAC)

Posted by Defense World Staff on Jun 15th, 2023

Rosenblum Silverman Sutton S F Inc. CA lowered its position in shares of Bank of America Co. (NYSE:BAC) by 0.4% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 85,357 shares of the financial services provider’s stock after selling 355 shares during the quarter. Rosenblum Silverman Sutton S F Inc. CA’s holdings in Bank of America were worth $2,827,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in BAC. Roundview Capital LLC raised its position in Bank of America by 1.5% in the first quarter. Roundview Capital LLC now owns 135,764 shares of the financial services provider’s stock worth $5,596,000 after acquiring an additional 2,013 shares in the last quarter. Loomis Sayles & Co. L P increased its holdings in shares of Bank of America by 150.3% in the 1st quarter. Loomis Sayles & Co. L P now owns 1,985 shares of the financial services provider’s stock valued at $82,000 after purchasing an additional 1,192 shares in the last quarter. NewEdge Advisors LLC boosted its holdings in Bank of America by 4.2% during the first quarter. NewEdge Advisors LLC now owns 405,098 shares of the financial services provider’s stock worth $16,698,000 after buying an additional 16,319 shares in the last quarter. First Western Trust Bank acquired a new position in Bank of America during the first quarter worth about $586,000. Finally, Pearl River Capital LLC purchased a new position in Bank of America in the first quarter valued at about $534,000. Institutional investors and hedge funds own 68.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Royal Bank of Canada upped their price target on Bank of America from $34.00 to $35.00 and gave the stock an “outperform” rating in a report on Wednesday, April 19th. Morgan Stanley lifted their price target on Bank of America from $31.00 to $32.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 19th. The Goldman Sachs Group dropped their target price on shares of Bank of America from $39.00 to $35.00 and set a “buy” rating for the company in a report on Monday, April 3rd. Evercore ISI reduced their price target on shares of Bank of America from $36.00 to $35.00 in a report on Friday, May 12th. Finally, StockNews.com began coverage on shares of Bank of America in a research note on Thursday, May 18th. They set a “hold” rating for the company. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $36.77.

Bank of America Trading Down 1.0 %

NYSE BAC opened at $29.12 on Thursday. The company has a market cap of $232.06 billion, a P/E ratio of 8.74, a P/E/G ratio of 1.23 and a beta of 1.37. Bank of America Co. has a 12 month low of $26.32 and a 12 month high of $38.60. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.82 and a quick ratio of 0.82. The company has a 50-day moving average of $28.55 and a 200-day moving average of $31.46.

Bank of America (NYSE:BAC – Get Rating) last issued its quarterly earnings results on Tuesday, April 18th. The financial services provider reported $0.94 EPS for the quarter, topping the consensus estimate of $0.83 by $0.11. Bank of America had a net margin of 21.85% and a return on equity of 11.72%. The firm had revenue of $26.26 billion during the quarter, compared to analyst estimates of $25.28 billion. During the same quarter in the prior year, the business posted $0.80 earnings per share. Bank of America’s revenue for the quarter was up 13.0% compared to the same quarter last year. As a group, equities analysts predict that Bank of America Co. will post 3.42 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Friday, June 2nd will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Thursday, June 1st. This represents a $0.88 annualized dividend and a yield of 3.02%. Bank of America’s dividend payout ratio is presently 26.43%.

About Bank of America

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Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management (GWIM), Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.