Prospect Hill Management LLC Lowers Holdings in Bank of America Corporation (NYSE:BAC)

Prospect Hill Management LLC cut its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 32.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 189,448 shares of the financial services provider's stock after selling 90,552 shares during the quarter. Bank of America comprises approximately 4.1% of Prospect Hill Management LLC's portfolio, making the stock its 4th biggest holding. Prospect Hill Management LLC's holdings in Bank of America were worth $7,906,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brighton Jones LLC raised its stake in shares of Bank of America by 30.0% in the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock valued at $4,785,000 after acquiring an additional 25,143 shares during the period. Bank Pictet & Cie Europe AG boosted its holdings in Bank of America by 35.7% in 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 acquiring an additional 226,246 shares during the period. Proficio Capital Partners LLC lifted its position in shares of Bank of America by 65.3% during the fourth 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. AllSquare Wealth Management LLC increased its position in shares of Bank of America by 5.6% during the fourth quarter. AllSquare Wealth Management LLC now owns 22,452 shares of the financial services provider's stock worth $987,000 after acquiring an additional 1,200 shares during the last quarter. Finally, Adams Diversified Equity Fund Inc. raised its holdings in Bank of America by 13.0% in the fourth quarter. Adams Diversified Equity Fund Inc. now owns 848,268 shares of the financial services provider's stock valued at $37,281,000 after acquiring an additional 97,500 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Bank of America Price Performance

Shares of BAC stock traded up $0.31 during trading hours on Friday, hitting $47.33. 48,220,966 shares of the company's stock were exchanged, compared to its average volume of 40,501,913. Bank of America Corporation has a 52 week low of $33.07 and a 52 week high of $49.31. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.78. The stock's 50-day moving average is $45.53 and its 200-day moving average is $43.64. The stock has a market cap of $356.48 billion, a price-to-earnings ratio of 13.84, a price-to-earnings-growth ratio of 1.29 and a beta of 1.30.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.03. The business had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. Bank of America's revenue was up 4.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.83 earnings per share. As a group, research analysts forecast 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 was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date was Friday, June 6th. Bank of America's dividend payout ratio (DPR) is presently 30.41%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. UBS Group lifted their price objective on shares of Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a research report on Wednesday, April 16th. Cfra Research increased their price target on Bank of America to $47.00 and gave the stock a "buy" rating in a research note on Wednesday, April 16th. Wall Street Zen cut shares of Bank of America from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. The Goldman Sachs Group lifted their price objective on shares of Bank of America from $46.00 to $52.00 and gave the stock a "buy" rating in a research report on Tuesday, June 10th. Finally, Argus dropped their price objective on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $50.03.

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.