Jmac Enterprises LLC Cuts Stake in Bank of America Corporation (NYSE:BAC)

Jmac Enterprises LLC lowered its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 56.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,437 shares of the financial services provider's stock after selling 21,514 shares during the period. Jmac Enterprises LLC's holdings in Bank of America were worth $686,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Flagship Harbor Advisors LLC increased its stake in shares of Bank of America by 0.8% during the first quarter. Flagship Harbor Advisors LLC now owns 34,157 shares of the financial services provider's stock valued at $1,425,000 after buying an additional 271 shares during the period. Live Oak Private Wealth LLC increased its stake in shares of Bank of America by 0.9% during the first quarter. Live Oak Private Wealth LLC now owns 377,203 shares of the financial services provider's stock valued at $15,741,000 after buying an additional 3,549 shares during the period. Ridgecrest Wealth Partners LLC increased its stake in shares of Bank of America by 16.8% during the first quarter. Ridgecrest Wealth Partners LLC now owns 13,882 shares of the financial services provider's stock valued at $579,000 after buying an additional 2,000 shares during the period. 1858 Wealth Management LLC boosted its position in Bank of America by 30.8% during the first quarter. 1858 Wealth Management LLC now owns 6,137 shares of the financial services provider's stock valued at $256,000 after purchasing an additional 1,445 shares in the last quarter. Finally, Cassia Capital Partners LLC boosted its position in Bank of America by 53.0% during the first quarter. Cassia Capital Partners LLC now owns 23,081 shares of the financial services provider's stock valued at $963,000 after purchasing an additional 7,995 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on BAC shares. TD Cowen started coverage on Bank of America in a research report on Thursday, May 15th. They set a "buy" rating and a $53.00 price objective on the stock. The Goldman Sachs Group raised their price objective on Bank of America from $46.00 to $52.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. Wall Street Zen downgraded Bank of America from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Keefe, Bruyette & Woods dropped their price objective on 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. Finally, Phillip Securities raised Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, April 17th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have assigned a buy rating and four have issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $47.69.

Bank of America Trading Up 1.0%

Bank of America stock opened at $45.51 on Monday. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11. Bank of America Corporation has a 52 week low of $33.07 and a 52 week high of $48.08. The company has a market capitalization of $342.78 billion, a price-to-earnings ratio of 13.54, a price-to-earnings-growth ratio of 1.23 and a beta of 1.30. The stock has a 50-day moving average price of $42.36 and a 200 day moving average price of $43.28.

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

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.29%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's dividend payout ratio (DPR) is 30.95%.

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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