Brookstone Capital Management Has $4.50 Million Stake in Bank of America Corporation (NYSE:BAC)

Brookstone Capital Management reduced its position in Bank of America Corporation (NYSE:BAC - Free Report) by 31.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 107,754 shares of the financial services provider's stock after selling 49,418 shares during the period. Brookstone Capital Management's holdings in Bank of America were worth $4,497,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the business. Graney & King LLC acquired a new position in Bank of America in the fourth quarter valued at approximately $25,000. Fairway Wealth LLC acquired a new position in shares of Bank of America during the fourth quarter valued at $29,000. Vega Investment Solutions bought a new stake in shares of Bank of America during the fourth quarter valued at about $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in shares of Bank of America during the fourth quarter valued at about $31,000. Finally, Spurstone Advisory Services LLC acquired a new stake in Bank of America in the fourth quarter worth about $34,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have commented on BAC. Morgan Stanley raised their target price on shares of Bank of America from $47.00 to $49.00 and gave the company an "overweight" rating in a research note on Monday, June 23rd. UBS Group increased their price objective on shares of Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a report on Wednesday, April 16th. Phillip Securities raised Bank of America from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. Royal Bank Of Canada set a $53.00 price target on Bank of America and gave the company an "outperform" rating in a research note on Monday, June 30th. Finally, TD Cowen began coverage on Bank of America in a research report on Thursday, May 15th. They set a "buy" rating and a $53.00 price target on the stock. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $48.28.

Bank of America Trading Down 0.6%

Bank of America stock traded down $0.28 during midday trading on Monday, reaching $48.65. The stock had a trading volume of 35,412,031 shares, compared to its average volume of 40,161,400. Bank of America Corporation has a twelve month low of $33.07 and a twelve month high of $49.31. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. The firm has a market cap of $366.43 billion, a price-to-earnings ratio of 14.56, a PEG ratio of 1.33 and a beta of 1.30. The firm's fifty day simple moving average is $44.28 and its two-hundred day simple moving average is $43.44.

Bank of America (NYSE:BAC - Get Free Report) last issued its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The business had revenue of $27.37 billion during the quarter, compared to analysts' expectations of $26.83 billion. Equities analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.14%. The ex-dividend date was Friday, June 6th. Bank of America's dividend payout ratio is currently 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.