Bank of America Corporation (NYSE:BAC) Shares Sold by Appleton Partners Inc. MA

Appleton Partners Inc. MA reduced its position in Bank of America Corporation (NYSE:BAC - Free Report) by 84.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 44,384 shares of the financial services provider's stock after selling 234,360 shares during the period. Appleton Partners Inc. MA's holdings in Bank of America were worth $1,852,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in BAC. Graney & King LLC purchased a new stake in Bank of America in the 4th quarter worth $25,000. Fairway Wealth LLC purchased a new stake in Bank of America in the 4th quarter worth $29,000. Vega Investment Solutions purchased a new stake in Bank of America in the 4th quarter worth $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in Bank of America in the 4th quarter worth $31,000. Finally, Spurstone Advisory Services LLC purchased a new stake in Bank of America in the 4th quarter worth $34,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Trading Up 1.0%

Shares of BAC traded up $0.45 during mid-day trading on Friday, reaching $45.51. The stock had a trading volume of 64,519,452 shares, compared to its average volume of 39,802,976. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. Bank of America Corporation has a 52-week low of $33.07 and a 52-week high of $48.08. The business's fifty day moving average is $42.36 and its 200 day moving average is $43.31. The firm has a market cap of $342.78 billion, a price-to-earnings ratio of 13.54, a P/E/G ratio of 1.23 and a beta of 1.30.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. The firm had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. On average, sell-side analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.29%. The ex-dividend date is Friday, June 6th. Bank of America's dividend payout ratio is currently 30.95%.

Analyst Ratings Changes

Several brokerages recently commented on BAC. Robert W. Baird raised shares of Bank of America from a "neutral" rating to an "outperform" rating and boosted their price target for the stock from $45.00 to $50.00 in a report on Friday, March 7th. UBS Group boosted their price target on shares of Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a report on Wednesday, April 16th. TD Cowen began coverage on shares of Bank of America in a report on Thursday, May 15th. They issued a "buy" rating and a $53.00 price target for the company. Royal Bank Of Canada cut their price target on shares of Bank of America from $50.00 to $45.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Finally, Cowen started coverage on shares of Bank of America in a report on Wednesday, May 14th. They issued a "buy" rating for the company. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have assigned a buy rating and four have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $47.69.

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.