Gateway Wealth Partners LLC cut its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 19.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 31,539 shares of the financial services provider's stock after selling 7,682 shares during the quarter. Gateway Wealth Partners LLC's holdings in Bank of America were worth $1,316,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of BAC. Brighton Jones LLC increased its stake in 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 purchasing an additional 25,143 shares in the last quarter. Bank Pictet & Cie Europe AG increased its stake in 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 purchasing an additional 226,246 shares in the last quarter. Proficio Capital Partners LLC increased its stake in 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 purchasing an additional 7,999 shares in the last quarter. Hopwood Financial Services Inc. bought a new stake in Bank of America during the 4th quarter worth approximately $77,000. Finally, Truvestments Capital LLC increased its stake in Bank of America by 16.4% during the 4th quarter. Truvestments Capital LLC now owns 2,154 shares of the financial services provider's stock worth $95,000 after purchasing an additional 304 shares in the last quarter. 70.71% of the stock is owned by institutional investors.
Bank of America Price Performance
BAC stock traded down $0.26 during midday trading on Friday, reaching $46.71. The company had a trading volume of 31,608,474 shares, compared to its average volume of 40,519,929. The company has a market capitalization of $351.81 billion, a price-to-earnings ratio of 13.90, a price-to-earnings-growth ratio of 1.28 and a beta of 1.30. The stock has a 50 day moving average price of $44.88 and a 200-day moving average price of $43.54. Bank of America Corporation has a 1-year low of $33.07 and a 1-year high of $49.31. 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 quarterly 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 the consensus estimate of $26.83 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. Equities research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.
Bank of America Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.23%. The ex-dividend date of this dividend was Friday, June 6th. Bank of America's dividend payout ratio is presently 30.95%.
Analyst Upgrades and Downgrades
A number of equities analysts have weighed in on the company. Cfra Research upped their price target on Bank of America to $47.00 and gave the stock a "buy" rating in a research report on Wednesday, April 16th. UBS Group upped their price target on Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a research report on Wednesday, April 16th. JPMorgan Chase & Co. cut their price objective on Bank of America from $49.50 to $43.50 and set an "overweight" rating for the company in a report on Thursday, April 3rd. Morgan Stanley increased their price objective on Bank of America from $47.00 to $49.00 and gave the company an "overweight" rating in a report on Monday, June 23rd. Finally, Argus cut their price objective on Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Bank of America currently has an average rating of "Moderate Buy" and an average price target of $48.89.
Get Our Latest Research Report on Bank of America
About Bank of America
(
Free Report)
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.
Featured Articles
Before you consider Bank of America, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Bank of America wasn't on the list.
While Bank of America currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Thinking about investing in Meta, Roblox, or Unity? Enter your email to learn what streetwise investors need to know about the metaverse and public markets before making an investment.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
