Buffington Mohr McNeal Reduces Stake in Bank of America Corporation (NYSE:BAC)

Buffington Mohr McNeal decreased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 13.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 171,452 shares of the financial services provider's stock after selling 26,016 shares during the quarter. Bank of America makes up approximately 1.4% of Buffington Mohr McNeal's portfolio, making the stock its 26th biggest position. Buffington Mohr McNeal's holdings in Bank of America were worth $7,155,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in BAC. Graney & King LLC acquired a new stake in Bank of America during the fourth quarter worth approximately $25,000. Fairway Wealth LLC purchased a new position in shares of Bank of America in the 4th quarter valued at $29,000. Vega Investment Solutions acquired a new stake in Bank of America during the 4th quarter worth $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in Bank of America in the fourth quarter valued at $31,000. Finally, Spurstone Advisory Services LLC acquired a new position in Bank of America in the fourth quarter valued at $34,000. Hedge funds and other institutional investors own 70.71% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. The Goldman Sachs Group raised their price objective on Bank of America from $46.00 to $52.00 and gave the stock a "buy" rating in a report on Tuesday, June 10th. Keefe, Bruyette & Woods cut their price target on Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 16th. Robert W. Baird reissued a "neutral" rating and issued a $52.00 price objective on shares of Bank of America in a report on Friday, June 27th. Baird R W lowered shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 27th. Finally, Morgan Stanley increased their price target on shares of Bank of America from $47.00 to $49.00 and gave the stock an "overweight" rating in a research note on Monday, June 23rd. Two analysts have rated the stock with a sell rating, six have given a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $47.98.

Bank of America Trading Up 1.1%

Shares of BAC stock opened at $48.68 on Thursday. Bank of America Corporation has a 1-year low of $33.07 and a 1-year high of $48.79. 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 business's fifty day moving average price is $43.91 and its 200 day moving average price is $43.39. The firm has a market capitalization of $366.65 billion, a PE ratio of 14.49, a P/E/G ratio of 1.31 and a beta of 1.30.

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

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were issued a $0.26 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.14%. 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.

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