Bailard Inc. decreased its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 12.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 235,847 shares of the financial services provider's stock after selling 34,856 shares during the quarter. Bailard Inc.'s holdings in Bank of America were worth $9,842,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in BAC. Woodward Diversified Capital LLC boosted its holdings in Bank of America by 1.6% during the first quarter. Woodward Diversified Capital LLC now owns 30,835 shares of the financial services provider's stock worth $1,287,000 after buying an additional 486 shares in the last quarter. Concord Wealth Partners boosted its stake in Bank of America by 3.4% in the 1st quarter. Concord Wealth Partners now owns 31,162 shares of the financial services provider's stock worth $1,300,000 after purchasing an additional 1,017 shares during the period. Ascent Wealth Partners LLC boosted its stake in Bank of America by 6.4% in the 1st quarter. Ascent Wealth Partners LLC now owns 16,876 shares of the financial services provider's stock worth $704,000 after purchasing an additional 1,011 shares during the period. Napatree Capital LLC acquired a new position in Bank of America in the 1st quarter worth approximately $267,000. Finally, Lineweaver Wealth Advisors LLC boosted its stake in Bank of America by 14.6% in the 1st quarter. Lineweaver Wealth Advisors LLC now owns 50,207 shares of the financial services provider's stock worth $2,095,000 after purchasing an additional 6,392 shares during the period. Institutional investors and hedge funds own 70.71% of the company's stock.
Analysts Set New Price Targets
A number of research firms recently commented on BAC. Baird R W lowered shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Friday, June 27th. UBS Group increased their target price on shares of Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a research report on Wednesday, April 16th. Royal Bank Of Canada set a $53.00 target price on shares of Bank of America and gave the stock an "outperform" rating in a research report on Monday, June 30th. Morgan Stanley increased their target price on shares of Bank of America from $47.00 to $49.00 and gave the stock an "overweight" rating in a research report on Monday, June 23rd. Finally, Evercore ISI cut their target price on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating for the company in a research report on Tuesday, April 1st. One analyst has rated the stock with a sell rating, six have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $49.55.
Check Out Our Latest Report on Bank of America
Bank of America Price Performance
NYSE:BAC traded up $1.01 on Thursday, reaching $47.04. The stock had a trading volume of 56,462,887 shares, compared to its average volume of 40,516,454. The company has a market capitalization of $354.33 billion, a P/E ratio of 13.76, a price-to-earnings-growth ratio of 1.26 and a beta of 1.30. Bank of America Corporation has a 1-year low of $33.07 and a 1-year high of $49.31. The company has a quick ratio of 0.78, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The stock has a fifty day moving average price of $45.32 and a 200-day moving average price of $43.60.
Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating analysts' consensus estimates of $0.86 by $0.03. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The firm had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. During the same period in the previous year, the business earned $0.83 earnings per share. The company's revenue for the quarter was up 4.3% compared to the same quarter last year. Research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.
Bank of America Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, June 27th. Stockholders 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 annualized dividend and a dividend yield of 2.21%. Bank of America's dividend payout ratio (DPR) is currently 30.95%.
Bank of America Profile
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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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