Daily Journal Corp Sells 300,000 Shares of Bank of America Co. (NYSE:BAC)

Daily Journal Corp lessened its holdings in shares of Bank of America Co. (NYSE:BAC) by 13.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,000,000 shares of the financial services provider’s stock after selling 300,000 shares during the period. Bank of America comprises 42.8% of Daily Journal Corp’s holdings, making the stock its 2nd largest holding. Daily Journal Corp’s holdings in Bank of America were worth $75,840,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. Norges Bank acquired a new stake in shares of Bank of America during the 4th quarter worth approximately $3,734,407,000. Price T Rowe Associates Inc. MD boosted its position in shares of Bank of America by 10.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock worth $3,502,720,000 after acquiring an additional 9,879,524 shares in the last quarter. Northern Trust Corp boosted its position in shares of Bank of America by 2.1% during the 3rd quarter. Northern Trust Corp now owns 67,648,727 shares of the financial services provider’s stock worth $1,852,222,000 after acquiring an additional 1,397,469 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Bank of America by 3.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 41,833,075 shares of the financial services provider’s stock valued at $1,408,520,000 after purchasing an additional 1,315,056 shares during the last quarter. Finally, Parnassus Investments LLC lifted its stake in Bank of America by 7.8% in the 4th quarter. Parnassus Investments LLC now owns 40,508,709 shares of the financial services provider’s stock valued at $1,363,928,000 after purchasing an additional 2,935,040 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Up 1.2 %

NYSE BAC traded up $0.48 during mid-day trading on Wednesday, reaching $39.99. 30,804,467 shares of the stock were exchanged, compared to its average volume of 33,991,304. Bank of America Co. has a one year low of $24.96 and a one year high of $40.19. The stock has a 50 day simple moving average of $38.32 and a 200-day simple moving average of $35.63. The stock has a market cap of $312.74 billion, a P/E ratio of 13.84, a P/E/G ratio of 1.76 and a beta of 1.36. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

Bank of America (NYSE:BACGet Free Report) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share 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 firm earned $0.94 earnings per share. Bank of America’s quarterly revenue was down 1.7% on a year-over-year basis. On average, analysts anticipate that Bank of America Co. will post 3.21 EPS for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s payout ratio is 33.22%.

Analyst Ratings Changes

Several brokerages recently commented on BAC. Piper Sandler increased their price objective on shares of Bank of America from $35.00 to $37.00 and gave the company an “underweight” rating in a research note on Tuesday, June 4th. StockNews.com downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Monday, May 20th. Wells Fargo & Company increased their price objective on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Citigroup increased their price objective on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, March 20th. Finally, Evercore ISI increased their price objective on shares of Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research note on Thursday, April 4th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $39.79.

Check Out Our Latest Stock Analysis on Bank of America

Bank of America Profile

(Free Report)

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.

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

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