InTrack Investment Management Inc Decreases Stake in Bank of America Co. (NYSE:BAC)

InTrack Investment Management Inc cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 6.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 39,651 shares of the financial services provider’s stock after selling 2,783 shares during the quarter. Bank of America makes up 1.1% of InTrack Investment Management Inc’s investment portfolio, making the stock its 22nd largest holding. InTrack Investment Management Inc’s holdings in Bank of America were worth $1,504,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Norges Bank purchased a new position in Bank of America in the fourth quarter worth $3,734,407,000. Price T Rowe Associates Inc. MD raised its holdings in shares of Bank of America by 10.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock valued at $3,502,720,000 after acquiring an additional 9,879,524 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Bank of America by 3.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 41,833,075 shares of the financial services provider’s stock worth $1,408,520,000 after acquiring an additional 1,315,056 shares during the period. Parnassus Investments LLC boosted its holdings in Bank of America by 7.8% in the fourth quarter. Parnassus Investments LLC now owns 40,508,709 shares of the financial services provider’s stock valued at $1,363,928,000 after acquiring an additional 2,935,040 shares in the last quarter. Finally, Capital World Investors grew its stake in Bank of America by 12.1% in the fourth quarter. Capital World Investors now owns 40,189,379 shares of the financial services provider’s stock worth $1,353,216,000 after purchasing an additional 4,338,679 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on BAC. JPMorgan Chase & Co. lifted their target price on shares of Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a report on Wednesday, May 1st. Jefferies Financial Group upped their price target on shares of Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research report on Monday, April 8th. Keefe, Bruyette & Woods upgraded shares of Bank of America from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $37.00 to $46.00 in a research report on Friday, June 14th. Piper Sandler increased their price target on Bank of America from $35.00 to $37.00 and gave the stock an “underweight” rating in a research note on Tuesday, June 4th. Finally, Citigroup boosted their price target on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday, March 20th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America currently has an average rating of “Hold” and an average target price of $39.79.

Bank of America Stock Up 2.3 %

Shares of BAC stock traded up $0.92 during trading hours on Tuesday, reaching $40.93. 35,616,728 shares of the company’s stock were exchanged, compared to its average volume of 38,837,402. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a market cap of $320.09 billion, a price-to-earnings ratio of 14.16, a P/E/G ratio of 1.52 and a beta of 1.35. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $40.96. The stock’s 50 day moving average is $38.95 and its 200-day moving average is $36.17.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.77 by $0.06. The firm had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. Bank of America’s revenue was down 1.7% on a year-over-year basis. During the same period last year, the firm posted $0.94 EPS. Analysts predict that Bank of America Co. will post 3.22 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.35%. The ex-dividend date of this dividend was Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is 33.22%.

About Bank of America

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.