Wealth Alliance Advisory Group LLC Decreases Stock Holdings in Bank of America Co. (NYSE:BAC)

Wealth Alliance Advisory Group LLC lessened its position in Bank of America Co. (NYSE:BAC - Free Report) by 8.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 74,985 shares of the financial services provider's stock after selling 6,998 shares during the quarter. Wealth Alliance Advisory Group LLC's holdings in Bank of America were worth $3,129,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Brighton Jones LLC raised its stake in Bank of America by 30.0% in the fourth 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 period. Chicago Capital LLC increased its holdings in shares of Bank of America by 11.4% during the 4th quarter. Chicago Capital LLC now owns 15,509 shares of the financial services provider's stock worth $682,000 after acquiring an additional 1,586 shares during the last quarter. Resonant Capital Advisors LLC raised its stake in Bank of America by 6.0% in the 4th quarter. Resonant Capital Advisors LLC now owns 18,480 shares of the financial services provider's stock valued at $812,000 after acquiring an additional 1,042 shares during the period. Optas LLC lifted its holdings in Bank of America by 5.9% during the 4th quarter. Optas LLC now owns 14,537 shares of the financial services provider's stock valued at $639,000 after purchasing an additional 807 shares during the last quarter. Finally, Childress Capital Advisors LLC boosted its position in Bank of America by 6.6% during the fourth quarter. Childress Capital Advisors LLC now owns 28,994 shares of the financial services provider's stock worth $1,274,000 after purchasing an additional 1,803 shares during the period. 70.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on BAC shares. UBS Group raised 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 note on Wednesday, April 16th. Argus reduced their price objective on Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Cowen assumed coverage on Bank of America in a research report on Wednesday, May 14th. They issued a "buy" rating on the stock. TD Cowen initiated coverage on Bank of America in a report on Thursday, May 15th. They set a "buy" rating and a $53.00 price target for the company. Finally, Piper Sandler decreased their price objective on Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a report on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have assigned a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat, Bank of America presently has an average rating of "Moderate Buy" and an average price target of $47.50.

Bank of America Stock Performance

Shares of NYSE BAC traded down $0.01 during mid-day trading on Thursday, hitting $44.35. The company had a trading volume of 31,976,923 shares, compared to its average volume of 39,731,199. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08. The company has a market capitalization of $334.05 billion, a price-to-earnings ratio of 13.77, a P/E/G ratio of 1.21 and a beta of 1.27. The stock's 50-day moving average price is $40.59 and its 200-day moving average price is $43.52.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. The firm had revenue of $27.37 billion during the quarter, compared to analysts' expectations of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. On average, sell-side analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be issued a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.34%. Bank of America's dividend payout ratio (DPR) is presently 30.95%.

Bank of America Company 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.