Roffman Miller Associates Inc. PA Decreases Position in Bank of America Corporation (NYSE:BAC)

Roffman Miller Associates Inc. PA trimmed its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 2.6% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 641,349 shares of the financial services provider's stock after selling 16,909 shares during the quarter. Bank of America comprises about 1.7% of Roffman Miller Associates Inc. PA's investment portfolio, making the stock its 23rd largest holding. Roffman Miller Associates Inc. PA's holdings in Bank of America were worth $26,763,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Graney & King LLC purchased a new position in Bank of America during the 4th quarter worth approximately $25,000. Fairway Wealth LLC purchased a new position in Bank of America during the 4th quarter worth approximately $29,000. Vega Investment Solutions purchased a new position in Bank of America during the 4th quarter worth approximately $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in Bank of America during the 4th quarter worth approximately $31,000. Finally, Spurstone Advisory Services LLC purchased a new position in Bank of America during the 4th quarter worth approximately $34,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on BAC shares. Baird R W cut shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Friday, June 27th. 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. Citigroup lifted their target price on shares of Bank of America from $50.00 to $54.00 and gave the stock a "buy" rating in a research note on Thursday, June 26th. Phillip Securities raised shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, April 17th. Finally, Barclays lowered their price target on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $48.33.

Bank of America Stock Down 3.1%

NYSE BAC traded down $1.49 on Tuesday, hitting $47.17. 88,051,022 shares of the company were exchanged, compared to its average volume of 40,406,855. The company has a market cap of $355.28 billion, a PE ratio of 14.04, a PEG ratio of 1.33 and a beta of 1.30. Bank of America Corporation has a 12 month low of $33.07 and a 12 month high of $49.31. The stock has a fifty day moving average of $44.46 and a 200-day moving average of $43.47. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11.

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

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were issued a $0.26 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.20%. Bank of America's dividend payout ratio is currently 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.