Coastwise Capital Group LLC Sells 12,917 Shares of Bank of America Corporation (NYSE:BAC)

Coastwise Capital Group LLC reduced its position in shares of Bank of America Corporation (NYSE:BAC) by 31.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 27,937 shares of the financial services provider's stock after selling 12,917 shares during the period. Coastwise Capital Group LLC's holdings in Bank of America were worth $1,166,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Brighton Jones LLC grew its position in shares of Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock worth $4,785,000 after buying an additional 25,143 shares during the period. Bank Pictet & Cie Europe AG grew its position in shares of Bank of America by 35.7% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider's stock worth $37,797,000 after buying an additional 226,246 shares during the period. Proficio Capital Partners LLC grew its position in shares of Bank of America by 65.3% during the 4th quarter. Proficio Capital Partners LLC now owns 20,252 shares of the financial services provider's stock worth $890,000 after buying an additional 7,999 shares during the period. Washington Trust Bank grew its position in shares of Bank of America by 1.2% during the 4th quarter. Washington Trust Bank now owns 54,857 shares of the financial services provider's stock worth $2,411,000 after buying an additional 677 shares during the period. Finally, Millstone Evans Group LLC acquired a new stake in shares of Bank of America during the 4th quarter worth approximately $546,000. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Up 0.7%

BAC stock opened at $47.33 on Friday. The company has a current ratio of 0.80, a quick ratio of 0.78 and a debt-to-equity ratio of 1.14. The company's 50 day moving average is $45.53 and its 200 day moving average is $43.64. The stock has a market cap of $356.48 billion, a price-to-earnings ratio of 13.84, a price-to-earnings-growth ratio of 1.29 and a beta of 1.30. Bank of America Corporation has a 1-year low of $33.07 and a 1-year high of $49.31.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data 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 company had revenue of ($22,273.00) million for the quarter, compared to analysts' expectations of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. Bank of America's revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.83 earnings per share. Sell-side analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.20%. The ex-dividend date was Friday, June 6th. Bank of America's dividend payout ratio is currently 30.41%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on BAC. Hsbc Global Res downgraded shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 8th. Royal Bank Of Canada set a $53.00 price objective on Bank of America and gave the stock an "outperform" rating in a research note on Monday, June 30th. Barclays lowered their price objective on Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. HSBC cut Bank of America from a "buy" rating to a "hold" rating and raised their price objective for the company from $47.00 to $51.00 in a research note on Monday, July 7th. Finally, Citigroup raised their price objective on Bank of America from $50.00 to $54.00 and gave the company a "buy" rating in a research note on Thursday, June 26th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $50.03.

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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