DSG Capital Advisors LLC Trims Stock Position in Bank of America Corporation (NYSE:BAC)

DSG Capital Advisors LLC reduced its position in Bank of America Corporation (NYSE:BAC - Free Report) by 36.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 98,337 shares of the financial services provider's stock after selling 55,315 shares during the quarter. DSG Capital Advisors LLC's holdings in Bank of America were worth $4,104,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in BAC. Graney & King LLC purchased a new position in shares of Bank of America during the fourth quarter worth approximately $25,000. Fairway Wealth LLC purchased a new position in shares of Bank of America during the fourth quarter worth approximately $29,000. Vega Investment Solutions purchased a new position in shares of Bank of America during the fourth quarter worth approximately $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in shares of Bank of America during the fourth quarter worth approximately $31,000. Finally, Spurstone Advisory Services LLC purchased a new position in shares of Bank of America during the fourth quarter worth approximately $34,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on BAC. Cfra Research increased their price objective on shares of Bank of America to $47.00 and gave the company a "buy" rating in a research note on Wednesday, April 16th. TD Cowen began coverage on shares of Bank of America in a research note on Thursday, May 15th. They set a "buy" rating and a $53.00 price objective on the stock. Evercore ISI dropped 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 note on Tuesday, April 1st. The Goldman Sachs Group increased 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 note on Tuesday, June 10th. Finally, Phillip Securities upgraded shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research note on Thursday, April 17th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, eighteen have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, Bank of America currently has a consensus rating of "Moderate Buy" and an average target price of $47.98.

Bank of America Stock Performance

Shares of NYSE:BAC traded up $0.24 on Thursday, hitting $48.95. 21,584,419 shares of the company were exchanged, compared to its average volume of 40,021,287. Bank of America Corporation has a 1-year low of $33.07 and a 1-year high of $49.30. The stock's 50 day moving average price is $43.91 and its 200 day moving average price is $43.39. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11. The firm has a market capitalization of $368.65 billion, a P/E ratio of 14.57, a price-to-earnings-growth ratio of 1.31 and a beta of 1.30.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. The business had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Sell-side analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were paid a dividend of $0.26 per share. The ex-dividend date was Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.12%. Bank of America's payout ratio is currently 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.