Tilt Investment Management Holdings PBC Has $946,000 Position in Bank of America Co. (NYSE:BAC)

Tilt Investment Management Holdings PBC cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 23.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 28,103 shares of the financial services provider’s stock after selling 8,415 shares during the quarter. Bank of America comprises 1.0% of Tilt Investment Management Holdings PBC’s portfolio, making the stock its 19th biggest holding. Tilt Investment Management Holdings PBC’s holdings in Bank of America were worth $946,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Moneta Group Investment Advisors LLC lifted its position in shares of Bank of America by 108,111.3% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 193,168,025 shares of the financial services provider’s stock valued at $6,397,725,000 after acquiring an additional 192,989,515 shares during the period. Norges Bank bought a new stake in shares of Bank of America during the 4th quarter valued at $3,436,543,000. Barclays PLC lifted its position in shares of Bank of America by 97.3% during the 3rd quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock valued at $1,130,538,000 after acquiring an additional 20,362,295 shares during the period. Snider Financial Group lifted its position in shares of Bank of America by 9,477.3% during the 1st quarter. Snider Financial Group now owns 14,448,357 shares of the financial services provider’s stock valued at $5,956,000 after acquiring an additional 14,297,496 shares during the period. Finally, 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. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Up 1.5 %

Shares of BAC stock traded up $0.53 during trading hours on Thursday, reaching $35.76. The company had a trading volume of 26,321,461 shares, compared to its average volume of 41,327,895. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $38.35. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.80. The business has a fifty day simple moving average of $35.55 and a 200-day simple moving average of $32.21. The company has a market cap of $282.17 billion, a price-to-earnings ratio of 12.37, a price-to-earnings-growth ratio of 1.58 and a beta of 1.39.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. 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 business posted $0.94 earnings per share. Bank of America’s revenue was down 1.7% on a year-over-year basis. On average, research analysts expect that Bank of America Co. will post 3.13 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.68%. The ex-dividend date was Thursday, February 29th. Bank of America’s dividend payout ratio is currently 33.22%.

Analysts Set New Price Targets

Several analysts recently weighed in on BAC shares. Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $32.00 to $41.00 in a research report on Tuesday, January 30th. BMO Capital Markets upped 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. Odeon Capital Group cut Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price for the company. in a report on Tuesday, January 16th. HSBC reissued a “hold” rating and issued a $39.00 price target (up previously from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Finally, Oppenheimer decreased their price target on Bank of America from $46.00 to $45.00 and set an “outperform” rating for the company in a research note on Wednesday. One analyst has rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, Bank of America presently has an average rating of “Hold” and a consensus price target of $38.29.

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.