Lincoln Capital Corp Sells 726 Shares of Bank of America Corporation (NYSE:BAC)

by · The Cerbat Gem

Lincoln Capital Corp reduced its stake in Bank of America Corporation (NYSE:BAC – Free Report) by 6.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 10,232 shares of the financial services provider’s stock after selling 726 shares during the quarter. Lincoln Capital Corp’s holdings in Bank of America were worth $427,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of BAC. Brighton Jones LLC raised its position in Bank of America by 30.0% in the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after buying an additional 25,143 shares during the last quarter. Bank Pictet & Cie Europe AG boosted its stake in shares of Bank of America by 35.7% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider’s stock worth $37,797,000 after buying an additional 226,246 shares during the last quarter. Bridges Investment Management Inc. boosted its stake in shares of Bank of America by 0.6% in the 4th quarter. Bridges Investment Management Inc. now owns 40,869 shares of the financial services provider’s stock worth $1,796,000 after buying an additional 256 shares during the last quarter. Modera Wealth Management LLC boosted its stake in shares of Bank of America by 4.4% in the 4th quarter. Modera Wealth Management LLC now owns 85,891 shares of the financial services provider’s stock worth $3,775,000 after buying an additional 3,637 shares during the last quarter. Finally, Plato Investment Management Ltd boosted its stake in shares of Bank of America by 1.4% in the 4th quarter. Plato Investment Management Ltd now owns 171,614 shares of the financial services provider’s stock worth $7,570,000 after buying an additional 2,306 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Trading Up 0.4%

Shares of BAC stock opened at $47.31 on Tuesday. The business’s fifty day moving average is $43.52 and its 200 day moving average is $43.32. Bank of America Corporation has a 52-week low of $33.07 and a 52-week high of $48.08. The company has a market capitalization of $356.33 billion, a PE ratio of 14.08, a price-to-earnings-growth ratio of 1.28 and a beta of 1.30. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79.

Bank of America (NYSE:BAC – Get Free Report) last released its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The firm had revenue of $27.37 billion for the quarter, compared to analysts’ expectations of $26.83 billion. On average, equities research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.20%. Bank of America’s payout ratio is 30.95%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on BAC. TD Cowen began coverage on Bank of America in a research note on Thursday, May 15th. They issued a “buy” rating and a $53.00 target price on the stock. Truist Financial cut their target price on Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, April 16th. Robert W. Baird reiterated a “neutral” rating and issued a $52.00 price objective on shares of Bank of America in a research note on Friday. Phillip Securities upgraded Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, April 17th. Finally, Evercore ISI cut their price target on Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a research note on Tuesday, April 1st. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, eighteen have assigned a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $47.65.

View Our Latest Report on BAC

Bank of America Company 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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