USA Financial Formulas lowered its stake in Bank of America Co. (NYSE:BAC - Free Report) by 39.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 15,842 shares of the financial services provider's stock after selling 10,516 shares during the quarter. USA Financial Formulas' holdings in Bank of America were worth $661,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently made changes to their positions in the stock. 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 purchasing an additional 25,143 shares during the period. Ferguson Wellman Capital Management Inc. raised its position in Bank of America by 8.1% in the 4th quarter. Ferguson Wellman Capital Management Inc. now owns 14,355 shares of the financial services provider's stock valued at $631,000 after buying an additional 1,071 shares during the last quarter. Wingate Wealth Advisors Inc. bought a new stake in Bank of America in the 4th quarter valued at approximately $117,000. Soltis Investment Advisors LLC lifted its stake in Bank of America by 5.7% in the 4th quarter. Soltis Investment Advisors LLC now owns 19,117 shares of the financial services provider's stock valued at $840,000 after acquiring an additional 1,035 shares in the last quarter. Finally, Paladin Wealth LLC boosted its position in Bank of America by 4.3% during the 4th quarter. Paladin Wealth LLC now owns 14,429 shares of the financial services provider's stock worth $634,000 after acquiring an additional 591 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.
Bank of America Stock Performance
Shares of BAC stock traded down $0.59 during midday trading on Friday, hitting $44.04. 43,276,878 shares of the company were exchanged, compared to its average volume of 39,752,376. Bank of America Co. has a 52 week low of $33.07 and a 52 week high of $48.08. The firm has a market capitalization of $331.67 billion, a P/E ratio of 13.68, a PEG ratio of 1.21 and a beta of 1.30. The firm's 50 day moving average price is $41.32 and its two-hundred day moving average price is $43.44. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78.
Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping 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 analysts' expectations of $26.83 billion. As a group, equities research analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current year.
Bank of America Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.36%. Bank of America's dividend payout ratio (DPR) is presently 30.95%.
Analyst Ratings Changes
BAC has been the topic of a number of recent research reports. Barclays lowered their price objective on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Wall Street Zen lowered shares of Bank of America from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Royal Bank of Canada reduced their price objective on shares of Bank of America from $50.00 to $45.00 and set an "outperform" rating for the company in a research note on Wednesday, April 16th. Truist Financial decreased their price objective on Bank of America from $50.00 to $47.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Finally, Phillip Securities upgraded Bank of America from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. Two equities research 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 company's stock. According to MarketBeat, Bank of America currently has an average rating of "Moderate Buy" and an average price target of $47.69.
Read Our Latest Research Report on BAC
Bank of America Profile
(
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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