Mmbg Investment Advisors CO. Sells 27,240 Shares of Bank of America Corporation (NYSE:BAC)

Mmbg Investment Advisors CO. lowered its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 9.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 248,373 shares of the financial services provider's stock after selling 27,240 shares during the quarter. Bank of America accounts for about 1.2% of Mmbg Investment Advisors CO.'s investment portfolio, making the stock its 18th biggest holding. Mmbg Investment Advisors CO.'s holdings in Bank of America were worth $10,365,000 at the end of the most recent reporting period.

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

Bank of America Price Performance

NYSE:BAC traded up $1.05 on Tuesday, hitting $48.37. The company had a trading volume of 29,716,432 shares, compared to its average volume of 43,186,320. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $48.32. 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 stock has a market capitalization of $364.28 billion, a price-to-earnings ratio of 14.39, a PEG ratio of 1.28 and a beta of 1.30. The firm has a 50 day moving average of $43.52 and a two-hundred day moving average of $43.32.

Bank of America (NYSE:BAC - Get Free Report) last announced 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. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The company had revenue of $27.37 billion during the quarter, compared to analysts' expectations of $26.83 billion. On average, research analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.15%. The ex-dividend date of this dividend was Friday, June 6th. Bank of America's payout ratio is 30.95%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Cfra Research raised their price target on Bank of America to $47.00 and gave the company a "buy" rating in a report on Wednesday, April 16th. Barclays cut their price objective on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Oppenheimer reissued an "outperform" rating on shares of Bank of America in a report on Thursday, May 22nd. Phillip Securities raised Bank of America from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. Finally, Keefe, Bruyette & Woods dropped their target price on Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, eighteen have given a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, Bank of America currently has an average rating of "Moderate Buy" and a consensus price target of $47.65.

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.