Bank of America Corporation (NYSE:BAC) Shares Sold by Argent Advisors Inc.

Argent Advisors Inc. reduced its holdings in shares of Bank of America Corporation (NYSE:BAC) by 69.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,049 shares of the financial services provider's stock after selling 33,856 shares during the period. Argent Advisors Inc.'s holdings in Bank of America were worth $628,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Valley National Advisers Inc. lifted its position in Bank of America by 10.2% during the 1st quarter. Valley National Advisers Inc. now owns 9,568 shares of the financial services provider's stock worth $398,000 after acquiring an additional 883 shares during the period. Jacobsen Capital Management boosted its position in Bank of America by 4.1% in the first quarter. Jacobsen Capital Management now owns 9,402 shares of the financial services provider's stock valued at $392,000 after buying an additional 373 shares during the last quarter. Amalgamated Bank increased its holdings in Bank of America by 0.8% in the 1st quarter. Amalgamated Bank now owns 1,289,378 shares of the financial services provider's stock worth $53,806,000 after buying an additional 10,097 shares during the period. Shilanski & Associates Inc. raised its position in Bank of America by 6.9% during the 1st quarter. Shilanski & Associates Inc. now owns 119,999 shares of the financial services provider's stock worth $5,008,000 after buying an additional 7,772 shares during the last quarter. Finally, Crown Wealth Group LLC boosted its holdings in shares of Bank of America by 5.0% in the 1st quarter. Crown Wealth Group LLC now owns 6,080 shares of the financial services provider's stock valued at $254,000 after acquiring an additional 291 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Down 0.7%

NYSE BAC opened at $47.11 on Monday. The business's fifty day simple moving average is $43.31 and its 200-day simple moving average is $43.31. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11. The firm has a market cap of $354.85 billion, a PE ratio of 14.02, a P/E/G ratio of 1.28 and a beta of 1.30. Bank of America Corporation has a 52 week low of $33.07 and a 52 week high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last released its 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. The company had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. As a group, equities analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were issued 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 2.21%. Bank of America's dividend payout ratio (DPR) is presently 30.95%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on BAC shares. The Goldman Sachs Group boosted their target price on shares of Bank of America from $46.00 to $52.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. Cowen initiated coverage on Bank of America in a research note on Wednesday, May 14th. They set a "buy" rating for the company. TD Cowen started coverage on Bank of America in a report on Thursday, May 15th. They issued a "buy" rating and a $53.00 price objective for the company. Citigroup lifted their price target on Bank of America from $50.00 to $54.00 and gave the company a "buy" rating in a research report on Thursday. Finally, Wall Street Zen downgraded Bank of America from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, eighteen have assigned a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, Bank of America has a consensus rating of "Moderate Buy" and a consensus price target of $47.65.

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.

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