First National Bank of Hutchinson Sells 2,993 Shares of Bank of America Co. (NYSE:BAC)

First National Bank of Hutchinson reduced its holdings in shares of Bank of America Co. (NYSE:BAC) by 14.9% in the first quarter, according to its most recent filing with the SEC. The fund owned 17,093 shares of the financial services provider’s stock after selling 2,993 shares during the period. First National Bank of Hutchinson’s holdings in Bank of America were worth $704,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bromfield Sneider Wealth Advisors purchased a new position in shares of Bank of America in the 1st quarter valued at $26,000. Corbenic Partners LLC increased its holdings in shares of Bank of America by 201.9% in the 1st quarter. Corbenic Partners LLC now owns 631 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 422 shares during the period. Bivin & Associates Inc. purchased a new position in shares of Bank of America in the 4th quarter valued at $28,000. Cassady Schiller Wealth Management LLC purchased a new position in Bank of America during the 4th quarter worth $39,000. Finally, Crewe Advisors LLC grew its stake in Bank of America by 198.0% during the 4th quarter. Crewe Advisors LLC now owns 894 shares of the financial services provider’s stock worth $40,000 after buying an additional 594 shares during the last quarter. Institutional investors own 70.46% of the company’s stock.

BAC has been the topic of several research analyst reports. StockNews.com initiated coverage on Bank of America in a research note on Thursday, March 31st. They set a “hold” rating on the stock. Oppenheimer dropped their target price on Bank of America from $52.00 to $50.00 in a research note on Tuesday, May 3rd. Piper Sandler dropped their target price on Bank of America from $51.00 to $47.00 and set an “overweight” rating on the stock in a research note on Friday. Wells Fargo & Company dropped their target price on Bank of America from $66.00 to $55.00 and set an “overweight” rating on the stock in a research note on Friday. Finally, Morgan Stanley lowered their price target on Bank of America from $49.00 to $47.00 and set an “equal weight” rating for the company in a research report on Friday, June 24th. Eight research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $49.38.

NYSE BAC opened at $31.56 on Tuesday. The stock has a market capitalization of $254.28 billion, a price-to-earnings ratio of 9.02, a PEG ratio of 1.35 and a beta of 1.41. Bank of America Co. has a twelve month low of $30.63 and a twelve month 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 1.16. The stock has a 50-day moving average of $34.73 and a 200 day moving average of $40.70.

Bank of America (NYSE:BACGet Rating) last released its quarterly earnings results on Monday, April 18th. The financial services provider reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.04. The company had revenue of $23.20 billion during the quarter, compared to analysts’ expectations of $23.09 billion. Bank of America had a return on equity of 12.55% and a net margin of 32.84%. Bank of America’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.86 EPS. Equities analysts predict that Bank of America Co. will post 3.33 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, June 24th. Investors of record on Friday, June 3rd were issued a $0.21 dividend. The ex-dividend date was Thursday, June 2nd. This represents a $0.84 dividend on an annualized basis and a yield of 2.66%. Bank of America’s payout ratio is 24.00%.

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.

Further Reading

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

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