Patton Albertson Miller Group LLC Sells 50,334 Shares of Bank of America Corporation (NYSE:BAC)

Patton Albertson Miller Group LLC cut its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 33.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 101,643 shares of the financial services provider's stock after selling 50,334 shares during the quarter. Patton Albertson Miller Group LLC's holdings in Bank of America were worth $4,242,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Mystic Asset Management Inc. increased its stake in shares of Bank of America by 4.5% in the 1st quarter. Mystic Asset Management Inc. now owns 161,436 shares of the financial services provider's stock valued at $6,737,000 after acquiring an additional 6,925 shares during the last quarter. Commerzbank Aktiengesellschaft FI increased its stake in shares of Bank of America by 185.6% in the 1st quarter. Commerzbank Aktiengesellschaft FI now owns 236,596 shares of the financial services provider's stock valued at $9,873,000 after acquiring an additional 153,749 shares during the last quarter. Forum Financial Management LP increased its stake in shares of Bank of America by 0.4% in the 1st quarter. Forum Financial Management LP now owns 104,507 shares of the financial services provider's stock valued at $4,361,000 after acquiring an additional 445 shares during the last quarter. Asset Advisors Investment Management LLC increased its stake in shares of Bank of America by 8.9% in the 1st quarter. Asset Advisors Investment Management LLC now owns 6,534 shares of the financial services provider's stock valued at $273,000 after acquiring an additional 533 shares during the last quarter. Finally, Kingsview Wealth Management LLC increased its stake in shares of Bank of America by 1.8% in the 1st quarter. Kingsview Wealth Management LLC now owns 116,060 shares of the financial services provider's stock valued at $4,843,000 after acquiring an additional 2,080 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on BAC. Hsbc Global Res cut Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 8th. TD Cowen initiated coverage on Bank of America in a research note on Thursday, May 15th. They set a "buy" rating and a $53.00 target price for the company. Cfra Research increased their target price on Bank of America to $47.00 and gave the stock a "buy" rating in a research note on Wednesday, April 16th. Royal Bank Of Canada set a $53.00 target price on Bank of America and gave the stock an "outperform" rating in a research note on Monday, June 30th. Finally, Citigroup increased their target price on Bank of America from $50.00 to $54.00 and gave the stock a "buy" rating in a research note on Thursday, June 26th. One analyst has rated the stock with a sell rating, six have given a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $49.55.

Bank of America Trading Up 2.2%

NYSE:BAC opened at $47.04 on Friday. Bank of America Corporation has a twelve month low of $33.07 and a twelve month high of $49.31. The company has a quick ratio of 0.78, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The business has a 50 day moving average price of $45.42 and a two-hundred day moving average price of $43.62. The company has a market cap of $354.33 billion, a P/E ratio of 13.76, a price-to-earnings-growth ratio of 1.26 and a beta of 1.30.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, topping analysts' consensus estimates of $0.86 by $0.03. The firm had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%. The business's revenue was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.83 EPS. As a group, analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.21%. The ex-dividend date was Friday, June 6th. Bank of America's payout ratio is presently 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.

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