Gradient Investments LLC Sells 26,358 Shares of Bank of America Co. (NYSE:BAC)

Gradient Investments LLC trimmed its stake in Bank of America Co. (NYSE:BAC - Free Report) by 3.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 834,230 shares of the financial services provider's stock after selling 26,358 shares during the period. Gradient Investments LLC's holdings in Bank of America were worth $31,634,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Total Clarity Wealth Management Inc. lifted its stake in shares of Bank of America by 26.2% during the 3rd quarter. Total Clarity Wealth Management Inc. now owns 14,083 shares of the financial services provider's stock worth $386,000 after acquiring an additional 2,927 shares during the last quarter. Kennedy Investment Group lifted its position in shares of Bank of America by 2.5% during the third quarter. Kennedy Investment Group now owns 57,686 shares of the financial services provider's stock worth $1,579,000 after purchasing an additional 1,398 shares during the last quarter. Jacobsen Capital Management boosted its stake in shares of Bank of America by 12.8% during the third quarter. Jacobsen Capital Management now owns 7,989 shares of the financial services provider's stock valued at $219,000 after purchasing an additional 907 shares during the period. Godsey & Gibb Inc. grew its holdings in shares of Bank of America by 44.5% in the third quarter. Godsey & Gibb Inc. now owns 6,515 shares of the financial services provider's stock worth $178,000 after purchasing an additional 2,007 shares during the last quarter. Finally, Stone Point Wealth LLC increased its stake in Bank of America by 9.0% in the 3rd quarter. Stone Point Wealth LLC now owns 12,066 shares of the financial services provider's stock worth $330,000 after buying an additional 1,000 shares during the period. Hedge funds and other institutional investors own 70.71% of the company's stock.

Bank of America Stock Up 1.0 %

Shares of Bank of America stock traded up $0.37 during trading on Friday, reaching $37.25. The company's stock had a trading volume of 34,082,662 shares, compared to its average volume of 41,339,492. The company has a 50-day simple moving average of $36.46 and a two-hundred day simple moving average of $33.08. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $38.49. The company has a market cap of $291.31 billion, a price-to-earnings ratio of 12.89, a P/E/G ratio of 1.65 and a beta of 1.37. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.06. The business had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company's quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter last year, the company earned $0.94 earnings per share. As a group, equities analysts forecast that Bank of America Co. will post 3.2 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be issued a $0.24 dividend. The ex-dividend date is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.58%. Bank of America's dividend payout ratio is currently 33.22%.

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of research analyst reports. Citigroup upped their target price on shares of Bank of America from $37.00 to $39.00 and gave the stock a "neutral" rating in a research note on Wednesday, March 20th. Odeon Capital Group downgraded Bank of America from a "buy" rating to a "hold" rating and set a $33.90 price objective on the stock. in a report on Tuesday, January 16th. UBS Group reiterated a "neutral" rating and issued a $40.00 target price (up from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Oppenheimer raised their price target on Bank of America from $45.00 to $46.00 and gave the company an "outperform" rating in a research note on Tuesday. Finally, Morgan Stanley upgraded Bank of America from an "equal weight" rating to an "overweight" rating and lifted their price objective for the company from $32.00 to $41.00 in a report on Tuesday, January 30th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $38.70.

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.

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