Childress Capital Advisors LLC Reduces Stock Position in Bank of America Corporation (NYSE:BAC)

Childress Capital Advisors LLC cut its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 49.7% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 14,579 shares of the financial services provider's stock after selling 14,415 shares during the quarter. Childress Capital Advisors LLC's holdings in Bank of America were worth $608,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Graney & King LLC bought a new stake in shares of Bank of America during the fourth quarter valued at about $25,000. Fairway Wealth LLC bought a new stake in Bank of America during the 4th quarter worth approximately $29,000. Vega Investment Solutions bought a new stake in Bank of America during the 4th quarter worth approximately $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in Bank of America in the 4th quarter worth approximately $31,000. Finally, Spurstone Advisory Services LLC bought a new position in Bank of America in the 4th quarter valued at $34,000. 70.71% of the stock is currently owned by institutional investors.

Bank of America Price Performance

Shares of BAC stock opened at $45.51 on Friday. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79. Bank of America Corporation has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The firm has a market cap of $342.78 billion, a P/E ratio of 13.54, a P/E/G ratio of 1.23 and a beta of 1.30. The business's 50 day moving average price is $42.36 and its 200-day moving average price is $43.31.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. The company had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. On average, equities research analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be given a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.29%. Bank of America's dividend payout ratio is 30.95%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on BAC shares. Cowen initiated coverage on shares of Bank of America in a report on Wednesday, May 14th. They issued a "buy" rating on the stock. Baird R W upgraded Bank of America from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 7th. Wall Street Zen downgraded Bank of America from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Oppenheimer reissued an "outperform" rating on shares of Bank of America in a report on Thursday, May 22nd. Finally, Royal Bank Of Canada lowered their target price on shares of Bank of America from $50.00 to $45.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have assigned a buy rating and four have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $47.69.

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.

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