Arrow Financial Corp Sells 55,910 Shares of Bank of America Corporation (NYSE:BAC)

Arrow Financial Corp trimmed its position in Bank of America Corporation (NYSE:BAC - Free Report) by 45.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 66,144 shares of the financial services provider's stock after selling 55,910 shares during the quarter. Arrow Financial Corp's holdings in Bank of America were worth $2,760,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Brighton Jones LLC increased its position in Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock worth $4,785,000 after acquiring an additional 25,143 shares during the period. Bank Pictet & Cie Europe AG increased its position in Bank of America by 35.7% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider's stock worth $37,797,000 after acquiring an additional 226,246 shares during the period. Virtu Financial LLC bought a new position in Bank of America during the fourth quarter worth $243,000. Fox Run Management L.L.C. bought a new stake in Bank of America in the 4th quarter valued at $219,000. Finally, Guardian Partners Inc. bought a new stake in Bank of America in the 4th quarter valued at $672,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Trading Up 0.3%

Shares of BAC stock traded up $0.15 on Monday, reaching $47.47. The company had a trading volume of 32,077,399 shares, compared to its average volume of 40,468,681. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. The stock has a market cap of $357.50 billion, a PE ratio of 13.88, a PEG ratio of 1.29 and a beta of 1.30. The company has a 50-day moving average of $45.53 and a 200-day moving average of $43.64. Bank of America Corporation has a 12 month low of $33.07 and a 12 month high of $49.31.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%. The business had revenue of ($22,273.00) million during the quarter, compared to analysts' expectations of $26.79 billion. During the same period in the prior year, the business earned $0.83 EPS. Bank of America's revenue for the quarter was up 4.3% compared to the same quarter last year. On average, equities analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were paid a dividend of $0.26 per share. The ex-dividend date was Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.19%. Bank of America's payout ratio is 30.41%.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Citigroup boosted their price target on shares of Bank of America from $50.00 to $54.00 and gave the company a "buy" rating in a report on Thursday, June 26th. Evercore ISI lowered their price target on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a report on Tuesday, April 1st. Barclays lowered their price target on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Phillip Securities raised shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. Finally, Cfra Research upped their target price on shares of Bank of America to $47.00 and gave the stock a "buy" rating in a report on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $50.03.

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.