Xponance Inc. Reduces Stake in Bank of America Corporation (NYSE:BAC)

Xponance Inc. cut its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 0.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 975,043 shares of the financial services provider's stock after selling 5,999 shares during the period. Xponance Inc.'s holdings in Bank of America were worth $40,689,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in BAC. Clarity Wealth Advisors LLC grew its stake in shares of Bank of America by 35.5% during the first quarter. Clarity Wealth Advisors LLC now owns 7,501 shares of the financial services provider's stock valued at $313,000 after buying an additional 1,964 shares during the last quarter. Processus Wealth & Capital Management LLC grew its stake in shares of Bank of America by 1.0% during the first quarter. Processus Wealth & Capital Management LLC now owns 77,464 shares of the financial services provider's stock valued at $3,233,000 after buying an additional 769 shares during the last quarter. Arcus Capital Partners LLC grew its stake in shares of Bank of America by 15.6% during the first quarter. Arcus Capital Partners LLC now owns 7,535 shares of the financial services provider's stock valued at $314,000 after buying an additional 1,019 shares during the last quarter. Vision Capital Management Inc. grew its stake in shares of Bank of America by 75.6% during the first quarter. Vision Capital Management Inc. now owns 98,002 shares of the financial services provider's stock valued at $4,090,000 after buying an additional 42,185 shares during the last quarter. Finally, Stonebrook Private Inc. grew its stake in shares of Bank of America by 5.8% during the first quarter. Stonebrook Private Inc. now owns 19,584 shares of the financial services provider's stock valued at $817,000 after buying an additional 1,081 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Price Performance

NYSE:BAC traded down $0.26 during trading hours on Friday, hitting $46.71. 31,608,474 shares of the stock were exchanged, compared to its average volume of 40,519,929. Bank of America Corporation has a 52-week low of $33.07 and a 52-week high of $49.31. The firm's fifty day moving average price is $44.88 and its 200 day moving average price is $43.54. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11. The company has a market cap of $351.81 billion, a P/E ratio of 13.90, a P/E/G ratio of 1.28 and a beta of 1.30.

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 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 company had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. As a group, equities research 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 disclosed a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were given a dividend of $0.26 per share. The ex-dividend date was Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.23%. Bank of America's payout ratio is 30.95%.

Analyst Ratings Changes

Several research analysts recently issued reports on BAC shares. Cowen started coverage on Bank of America in a research note on Wednesday, May 14th. They issued a "buy" rating on the stock. Morgan Stanley increased their price objective on Bank of America from $47.00 to $49.00 and gave the company an "overweight" rating in a report on Monday, June 23rd. Cfra Research raised their target price on Bank of America to $47.00 and gave the stock a "buy" rating in a research note on Wednesday, April 16th. Robert W. Baird restated a "neutral" rating and issued a $52.00 target price on shares of Bank of America in a research note on Friday, June 27th. Finally, Barclays reduced their price objective on Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Bank of America presently has an average rating of "Moderate Buy" and an average target price of $48.89.

About Bank of America

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.