Trust Point Inc. lessened its stake in Bank of America Co. (NYSE:BAC - Free Report) by 24.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 29,490 shares of the financial services provider's stock after selling 9,449 shares during the period. Trust Point Inc.'s holdings in Bank of America were worth $1,231,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in BAC. Graney & King LLC acquired a new position in shares of Bank of America during the fourth quarter valued at $25,000. Fairway Wealth LLC bought a new stake in Bank of America in the fourth quarter worth about $29,000. Vega Investment Solutions bought a new stake in Bank of America in the fourth quarter worth about $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in Bank of America in the fourth quarter worth about $31,000. Finally, Spurstone Advisory Services LLC bought a new stake in Bank of America in the fourth quarter worth about $34,000. Institutional investors own 70.71% of the company's stock.
Bank of America Stock Performance
Shares of Bank of America stock opened at $44.04 on Monday. The company has a market cap of $331.67 billion, a PE ratio of 13.68, a price-to-earnings-growth ratio of 1.21 and a beta of 1.30. Bank of America Co. has a 52 week low of $33.07 and a 52 week high of $48.08. The business has a 50 day moving average price of $41.50 and a 200-day moving average price of $43.36. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.
Bank of America (NYSE:BAC - Get Free Report) last issued 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 10.29% and a net margin of 14.10%. The company had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Equities analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.
Bank of America Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.36%. The ex-dividend date is Friday, June 6th. Bank of America's dividend payout ratio is 30.95%.
Wall Street Analysts Forecast Growth
BAC has been the topic of several recent analyst reports. Baird R W upgraded Bank of America from a "hold" rating to a "strong-buy" rating in a report on Friday, March 7th. JPMorgan Chase & Co. dropped their target price on Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a report on Thursday, April 3rd. Evercore ISI lowered their price target on Bank of America from $51.00 to $48.00 and set an "outperform" rating for the company in a research note on Tuesday, April 1st. Barclays lowered their price target on Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Finally, The Goldman Sachs Group upped their target price on Bank of America from $46.00 to $52.00 and gave the stock a "buy" rating in a research report on Tuesday, June 10th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have issued a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $47.69.
Read Our Latest Report on BAC
About Bank of America
(
Free Report)
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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