Clarus Group Inc. Cuts Stock Holdings in Bank of America Corporation (NYSE:BAC)

Clarus Group Inc. lowered its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 46.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,674 shares of the financial services provider's stock after selling 5,848 shares during the quarter. Clarus Group Inc.'s holdings in Bank of America were worth $278,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Golden State Wealth Management LLC boosted its holdings in Bank of America by 7.8% in the first quarter. Golden State Wealth Management LLC now owns 24,276 shares of the financial services provider's stock worth $1,013,000 after purchasing an additional 1,765 shares during the last quarter. CWC Advisors LLC. bought a new position in Bank of America in the first quarter worth approximately $250,000. Allspring Global Investments Holdings LLC raised its position in Bank of America by 21.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,495,379 shares of the financial services provider's stock worth $103,533,000 after acquiring an additional 442,280 shares during the period. 3Chopt Investment Partners LLC raised its position in Bank of America by 11.1% in the first quarter. 3Chopt Investment Partners LLC now owns 50,394 shares of the financial services provider's stock worth $2,103,000 after acquiring an additional 5,040 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in Bank of America by 15.3% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,007,867 shares of the financial services provider's stock worth $39,119,000 after acquiring an additional 133,813 shares during the period. Hedge funds and other institutional investors own 70.71% of the company's stock.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Keefe, Bruyette & Woods decreased their price target on shares of 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. Citigroup raised their price objective on shares of Bank of America from $50.00 to $54.00 and gave the company a "buy" rating in a research report on Thursday. Evercore ISI decreased their price objective on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 1st. The Goldman Sachs Group raised their price objective on shares of Bank of America from $46.00 to $52.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. Finally, Robert W. Baird restated a "neutral" rating and set a $52.00 price objective on shares of Bank of America in a research report on Friday. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, eighteen have given a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $47.65.

Bank of America Stock Performance

BAC opened at $47.11 on Friday. 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 company has a market cap of $354.85 billion, a price-to-earnings ratio of 14.02, a PEG ratio of 1.28 and a beta of 1.30. Bank of America Corporation has a 52-week low of $33.07 and a 52-week high of $48.08. The firm's fifty day simple moving average is $43.31 and its two-hundred day simple moving average is $43.35.

Bank of America (NYSE:BAC - Get Free Report) last issued its 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 during 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 fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date of this dividend was Friday, June 6th. Bank of America's dividend payout ratio (DPR) is 30.95%.

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.

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