CapWealth Advisors LLC trimmed its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 21.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 553,916 shares of the financial services provider's stock after selling 154,505 shares during the period. Bank of America accounts for 2.5% of CapWealth Advisors LLC's holdings, making the stock its 14th largest position. CapWealth Advisors LLC's holdings in Bank of America were worth $23,115,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently made changes to their positions in BAC. Brighton Jones LLC raised its position in Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock valued at $4,785,000 after purchasing an additional 25,143 shares in the last quarter. Bank Pictet & Cie Europe AG raised its position in Bank of America by 35.7% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider's stock valued at $37,797,000 after purchasing an additional 226,246 shares in the last quarter. Proficio Capital Partners LLC raised its position in Bank of America by 65.3% during the fourth quarter. Proficio Capital Partners LLC now owns 20,252 shares of the financial services provider's stock valued at $890,000 after purchasing an additional 7,999 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich raised its position in Bank of America by 9.9% during the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 47,435 shares of the financial services provider's stock valued at $2,301,000 after purchasing an additional 4,266 shares in the last quarter. Finally, Argentarii LLC acquired a new position in Bank of America during the fourth quarter valued at approximately $234,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.
Bank of America Trading Down 0.6%
BAC traded down $0.26 during trading on Friday, reaching $46.71. 31,608,474 shares of the stock traded hands, compared to its average volume of 40,519,929. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11. The stock has a market capitalization of $351.81 billion, a PE ratio of 13.90, a P/E/G ratio of 1.28 and a beta of 1.30. The stock's 50-day moving average is $44.99 and its 200 day moving average is $43.56. Bank of America Corporation has a 12 month low of $33.07 and a 12 month high of $49.31.
Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating analysts' consensus estimates of $0.80 by $0.10. The business had revenue of $27.37 billion for the quarter, compared to analysts' expectations of $26.83 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. Equities analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.
Bank of America Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.23%. Bank of America's dividend payout ratio (DPR) is currently 30.95%.
Analyst Upgrades and Downgrades
BAC has been the subject of several research analyst reports. Phillip Securities upgraded shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, April 17th. HSBC downgraded shares of Bank of America from a "buy" rating to a "hold" rating and boosted their price objective for the company from $47.00 to $51.00 in a research report on Monday. Citigroup upped their price target on shares of Bank of America from $50.00 to $54.00 and gave the stock a "buy" rating in a report on Thursday, June 26th. Keefe, Bruyette & Woods lowered their price target on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Finally, Cowen started coverage on shares of Bank of America in a report on Wednesday, May 14th. They set a "buy" rating for the company. Two analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $48.89.
Read Our Latest Stock Report on Bank of America
Bank of America Company Profile
(
Free Report)
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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