Bank of America Corporation (NYSE:BAC) Shares Sold by Calton & Associates Inc.

Calton & Associates Inc. decreased its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 60.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,013 shares of the financial services provider's stock after selling 10,727 shares during the quarter. Calton & Associates Inc.'s holdings in Bank of America were worth $293,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in BAC. Gradient Investments LLC grew its stake in shares of Bank of America by 7.8% during the first quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider's stock worth $29,061,000 after purchasing an additional 50,296 shares during the period. Prudential Financial Inc. increased its position in shares of Bank of America by 13.7% in the fourth quarter. Prudential Financial Inc. now owns 6,251,802 shares of the financial services provider's stock valued at $274,767,000 after acquiring an additional 753,880 shares during the last quarter. Employees Retirement System of Texas increased its position in shares of Bank of America by 12.7% in the fourth quarter. Employees Retirement System of Texas now owns 158,455 shares of the financial services provider's stock valued at $69,640,000 after acquiring an additional 17,880 shares during the last quarter. Prosperity Wealth Management Inc. acquired a new stake in shares of Bank of America in the first quarter valued at about $998,000. Finally, Alpha Cubed Investments LLC increased its position in Bank of America by 37.2% during the first quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider's stock worth $2,714,000 after buying an additional 17,619 shares during the last quarter. Institutional investors own 70.71% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on BAC shares. Barclays decreased their target price on Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Cfra Research boosted their price target on Bank of America to $47.00 and gave the company a "buy" rating in a research note on Wednesday, April 16th. Robert W. Baird reiterated a "neutral" rating and issued a $52.00 price target on shares of Bank of America in a research note on Friday, June 27th. Wall Street Zen cut Bank of America from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Finally, TD Cowen began coverage on Bank of America in a research note on Thursday, May 15th. They issued a "buy" rating and a $53.00 price target for the company. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $50.03.

Bank of America Stock Up 0.6%

Shares of NYSE:BAC traded up $0.29 during trading on Tuesday, reaching $47.77. 34,607,490 shares of the stock traded hands, compared to its average volume of 40,445,822. The stock has a 50-day moving average of $45.53 and a two-hundred day moving average of $43.64. Bank of America Corporation has a 52-week low of $33.07 and a 52-week high of $49.31. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. The stock has a market cap of $359.77 billion, a P/E ratio of 13.97, a price-to-earnings-growth ratio of 1.29 and a beta of 1.30.

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

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were paid a $0.26 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.18%. Bank of America's payout ratio is currently 30.41%.

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.