MCF Advisors LLC Sells 21,483 Shares of Bank of America Corporation (NYSE:BAC)

MCF Advisors LLC trimmed its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 46.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 24,759 shares of the financial services provider's stock after selling 21,483 shares during the quarter. MCF Advisors LLC's holdings in Bank of America were worth $1,033,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Graney & King LLC acquired a new position in Bank of America in the fourth quarter valued at $25,000. Vega Investment Solutions acquired a new stake in shares of Bank of America in the fourth quarter worth $30,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in shares of Bank of America in the fourth quarter worth $31,000. Spurstone Advisory Services LLC acquired a new stake in shares of Bank of America in the fourth quarter worth $34,000. Finally, Glass Jacobson Investment Advisors llc increased its position in shares of Bank of America by 53.0% in the fourth quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider's stock worth $35,000 after acquiring an additional 276 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Trading Up 0.5%

Shares of Bank of America stock traded up $0.25 during trading on Thursday, hitting $48.39. The stock had a trading volume of 42,845,701 shares, compared to its average volume of 43,502,383. The stock has a 50 day simple moving average of $45.75 and a 200 day simple moving average of $43.72. The company has a market capitalization of $364.43 billion, a PE ratio of 14.15, a P/E/G ratio of 1.86 and a beta of 1.30. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $49.31.

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

Bank of America declared that its Board of Directors has approved a share repurchase program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's leadership believes its shares are undervalued.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.31%. This is a boost from Bank of America's previous quarterly dividend of $0.26. Bank of America's payout ratio is currently 30.41%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Phillip Securities raised shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, April 17th. Hsbc Global Res lowered shares of Bank of America from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 8th. TD Cowen initiated coverage on shares of Bank of America in a research note on Thursday, May 15th. They set a "buy" rating and a $53.00 price objective on the stock. JPMorgan Chase & Co. reduced their price objective on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a research note on Thursday, April 3rd. Finally, Keefe, Bruyette & Woods reduced their price objective on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Bank of America currently has a consensus rating of "Moderate Buy" and a consensus price target of $50.03.

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.