First Horizon Advisors Inc. Sells 6,177 Shares of Bank of America Corporation (NYSE:BAC)

First Horizon Advisors Inc. trimmed its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 12.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 44,042 shares of the financial services provider's stock after selling 6,177 shares during the quarter. First Horizon Advisors Inc.'s holdings in Bank of America were worth $1,838,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Bank of America Stock Performance

NYSE:BAC opened at $48.94 on Friday. The company has a market cap of $368.61 billion, a price-to-earnings ratio of 14.57, a PEG ratio of 1.33 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. The stock's 50 day simple moving average is $44.10 and its two-hundred day simple moving average is $43.42. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78.

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

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were issued a $0.26 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.13%. Bank of America's dividend payout ratio (DPR) is presently 30.95%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. The Goldman Sachs Group raised their target price on Bank of America from $46.00 to $52.00 and gave the stock a "buy" rating in a report on Tuesday, June 10th. Phillip Securities raised Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, April 17th. Keefe, Bruyette & Woods cut their price objective on Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a research note on Wednesday, April 16th. Royal Bank Of Canada set a $53.00 price target on shares of Bank of America and gave the stock an "outperform" rating in a research report on Monday. Finally, Wall Street Zen downgraded shares of Bank of America from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $48.28.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.