Jennison Associates LLC Cuts Stock Position in Bank of America Co. (NYSE:BAC)

Jennison Associates LLC trimmed its position in shares of Bank of America Co. (NYSE:BACGet Rating) by 1.4% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 4,927,592 shares of the financial services provider’s stock after selling 68,896 shares during the quarter. Jennison Associates LLC owned about 0.06% of Bank of America worth $203,115,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. Bromfield Sneider Wealth Advisors purchased a new stake in Bank of America in the first quarter valued at about $26,000. Corbenic Partners LLC grew its position in Bank of America by 201.9% during the 1st quarter. Corbenic Partners LLC now owns 631 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 422 shares during the last quarter. Bivin & Associates Inc. acquired a new position in Bank of America during the 4th quarter valued at approximately $28,000. Reitz Capital Advisors LLC acquired a new stake in shares of Bank of America during the first quarter worth $38,000. Finally, Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. purchased a new stake in shares of Bank of America during the first quarter valued at $38,000. 70.46% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Oppenheimer cut their price objective on Bank of America from $52.00 to $50.00 in a report on Tuesday, May 3rd. Piper Sandler cut their price target on shares of Bank of America from $51.00 to $47.00 and set an “overweight” rating on the stock in a report on Friday, July 1st. Barclays dropped their price objective on shares of Bank of America from $58.00 to $51.00 and set an “overweight” rating on the stock in a report on Tuesday, July 19th. Wells Fargo & Company reduced their target price on shares of Bank of America from $66.00 to $55.00 and set an “overweight” rating for the company in a report on Friday, July 1st. Finally, Societe Generale raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $37.50 price target on the stock in a report on Monday, July 11th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $46.66.

Bank of America Price Performance

BAC stock traded down $0.81 during mid-day trading on Friday, reaching $35.47. The company’s stock had a trading volume of 837,388 shares, compared to its average volume of 35,192,936. The stock has a market cap of $285.01 billion, a PE ratio of 11.34, a P/E/G ratio of 1.62 and a beta of 1.39. The company’s 50 day moving average is $32.97 and its two-hundred day moving average is $37.87. Bank of America Co. has a fifty-two week low of $29.67 and a fifty-two week high of $50.11. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 1.15.

Bank of America (NYSE:BACGet Rating) last posted its quarterly earnings results on Monday, July 18th. The financial services provider reported $0.73 EPS for the quarter, missing the consensus estimate of $0.75 by ($0.02). Bank of America had a net margin of 28.89% and a return on equity of 11.51%. The company had revenue of $22.69 billion during the quarter, compared to analyst estimates of $22.79 billion. During the same period in the prior year, the business posted $1.03 EPS. Bank of America’s revenue for the quarter was up 5.7% compared to the same quarter last year. Equities research analysts expect that Bank of America Co. will post 3.21 EPS for the current year.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 2nd will be issued a $0.22 dividend. The ex-dividend date of this dividend is Thursday, September 1st. This is a boost from Bank of America’s previous quarterly dividend of $0.21. This represents a $0.88 dividend on an annualized basis and a yield of 2.48%. Bank of America’s dividend payout ratio is currently 26.25%.

Bank of America Company Profile

(Get Rating)

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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