Spartan Planning & Wealth Management Sells 7,710 Shares of Bank of America Co. (NYSE:BAC)

Spartan Planning & Wealth Management cut its stake in shares of Bank of America Co. (NYSE:BAC - Free Report) by 50.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,547 shares of the financial services provider's stock after selling 7,710 shares during the period. Spartan Planning & Wealth Management's holdings in Bank of America were worth $315,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of BAC. Brighton Jones LLC raised its stake in Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock valued at $4,785,000 after purchasing an additional 25,143 shares during the period. R Squared Ltd acquired a new position in shares of Bank of America in the 4th quarter valued at about $84,000. Strategic Blueprint LLC increased its holdings in shares of Bank of America by 5.5% in the 4th quarter. Strategic Blueprint LLC now owns 24,830 shares of the financial services provider's stock valued at $1,091,000 after purchasing an additional 1,293 shares during the period. Foster & Motley Inc. increased its stake in shares of Bank of America by 29.5% in the fourth quarter. Foster & Motley Inc. now owns 19,855 shares of the financial services provider's stock worth $873,000 after acquiring an additional 4,520 shares during the last quarter. Finally, OLD National Bancorp IN increased its position in Bank of America by 3.5% in the 4th quarter. OLD National Bancorp IN now owns 68,721 shares of the financial services provider's stock worth $3,020,000 after purchasing an additional 2,305 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Price Performance

Shares of NYSE BAC traded up $0.57 during mid-day trading on Tuesday, hitting $44.65. 12,531,470 shares of the stock traded hands, compared to its average volume of 43,738,391. The firm has a 50 day simple moving average of $40.49 and a two-hundred day simple moving average of $43.51. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. Bank of America Co. has a twelve month low of $33.06 and a twelve month high of $48.08. The company has a market cap of $336.30 billion, a PE ratio of 13.87, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27.

Bank of America (NYSE:BAC - Get Free Report) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. The firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. As a group, equities research analysts forecast that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be given a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.33%. Bank of America's dividend payout ratio (DPR) is currently 30.95%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Barclays lowered their price target on Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Phillip Securities upgraded shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. Piper Sandler decreased their price target on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a report on Wednesday, April 16th. Oppenheimer reaffirmed an "outperform" rating on shares of Bank of America in a research report on Thursday, May 22nd. Finally, Cowen began coverage on Bank of America in a research report on Wednesday, May 14th. They issued a "buy" rating on the stock. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, seventeen have given a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $47.50.

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.