WASHINGTON TRUST Co Trims Stock Holdings in Bank of America Corporation (NYSE:BAC)

WASHINGTON TRUST Co decreased its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 8.9% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 272,321 shares of the financial services provider's stock after selling 26,754 shares during the quarter. WASHINGTON TRUST Co's holdings in Bank of America were worth $11,364,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Graney & King LLC acquired a new position in Bank of America in the fourth quarter valued at $25,000. Fairway Wealth LLC bought a new position in shares of Bank of America in the 4th quarter worth about $29,000. Vega Investment Solutions acquired a new position in shares of Bank of America in the 4th quarter valued at about $30,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in shares of Bank of America in the 4th quarter valued at about $31,000. Finally, Spurstone Advisory Services LLC bought a new stake in shares of Bank of America during the 4th quarter valued at about $34,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Stock Performance

Shares of BAC stock traded up $0.23 during trading on Thursday, hitting $48.94. The company's stock had a trading volume of 21,620,278 shares, compared to its average volume of 40,021,426. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11. The company has a market cap of $368.61 billion, a PE ratio of 14.57, a P/E/G ratio of 1.31 and a beta of 1.30. The business has a fifty day moving average of $43.91 and a 200-day moving average of $43.39. Bank of America Corporation has a 52 week low of $33.07 and a 52 week high of $49.30.

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

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were paid a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.13%. Bank of America's payout ratio is currently 30.95%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on BAC shares. Barclays dropped their price target on Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Cowen initiated coverage on shares of Bank of America in a research note on Wednesday, May 14th. They set a "buy" rating on the stock. Morgan Stanley lifted their price target on shares of Bank of America from $47.00 to $49.00 and gave the company an "overweight" rating in a research note on Monday, June 23rd. Robert W. Baird reiterated a "neutral" rating and set a $52.00 price objective on shares of Bank of America in a report on Friday, June 27th. Finally, The Goldman Sachs Group raised their target price on Bank of America from $46.00 to $52.00 and gave the company a "buy" rating in a research note on Tuesday, June 10th. Two analysts have rated the stock with a sell rating, six have given a hold rating, eighteen 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 an average rating of "Moderate Buy" and an average price target of $47.98.

Bank of America Company 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.