SOL Capital Management CO lessened its stake in Bank of America Corp (NYSE:BAC) by 4.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 161,715 shares of the financial services provider’s stock after selling 7,678 shares during the period. Bank of America comprises approximately 1.2% of SOL Capital Management CO’s investment portfolio, making the stock its 12th largest holding. SOL Capital Management CO’s holdings in Bank of America were worth $4,462,000 at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. Squar Milner Financial Services LLC raised its stake in shares of Bank of America by 1.3% during the 1st quarter. Squar Milner Financial Services LLC now owns 26,723 shares of the financial services provider’s stock worth $737,000 after buying an additional 348 shares during the period. Pinnacle Wealth Management Advisory Group LLC raised its stake in shares of Bank of America by 3.8% during the 4th quarter. Pinnacle Wealth Management Advisory Group LLC now owns 9,573 shares of the financial services provider’s stock worth $236,000 after buying an additional 350 shares during the period. Abbot Financial Management Inc. raised its stake in shares of Bank of America by 0.3% during the 4th quarter. Abbot Financial Management Inc. now owns 126,174 shares of the financial services provider’s stock worth $3,109,000 after buying an additional 356 shares during the period. Barber Financial Group Inc. raised its stake in shares of Bank of America by 2.1% during the 1st quarter. Barber Financial Group Inc. now owns 17,150 shares of the financial services provider’s stock worth $473,000 after buying an additional 360 shares during the period. Finally, Cahill Financial Advisors Inc. raised its stake in shares of Bank of America by 4.1% during the 4th quarter. Cahill Financial Advisors Inc. now owns 9,391 shares of the financial services provider’s stock worth $232,000 after buying an additional 369 shares during the period. Institutional investors and hedge funds own 68.24% of the company’s stock.
In related news, insider Dean C. Athanasia sold 129,615 shares of the stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $29.78, for a total value of $3,859,934.70. Following the completion of the transaction, the insider now directly owns 243,617 shares of the company’s stock, valued at approximately $7,254,914.26. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.17% of the stock is currently owned by corporate insiders.
Several research analysts have recently weighed in on BAC shares. ValuEngine downgraded Bank of America from a “hold” rating to a “sell” rating in a research note on Friday, March 1st. BMO Capital Markets upped their target price on Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research note on Wednesday, April 17th. Zacks Investment Research downgraded Bank of America from a “buy” rating to a “hold” rating in a research note on Tuesday, March 19th. Jefferies Financial Group downgraded Bank of America from a “buy” rating to a “hold” rating and set a $32.00 target price for the company. in a research note on Wednesday, April 17th. Finally, HSBC started coverage on Bank of America in a research note on Thursday, April 4th. They issued a “hold” rating and a $29.00 price objective for the company. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have issued a buy rating to the company’s stock. Bank of America has a consensus rating of “Hold” and a consensus price target of $32.98.
NYSE BAC opened at $27.94 on Friday. Bank of America Corp has a one year low of $22.66 and a one year high of $31.91. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.91 and a quick ratio of 0.91. The firm has a market capitalization of $265.75 billion, a P/E ratio of 10.70, a PEG ratio of 1.09 and a beta of 1.54.
Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.70 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.05. Bank of America had a return on equity of 11.79% and a net margin of 25.42%. The firm had revenue of $23 billion during the quarter, compared to the consensus estimate of $23.24 billion. During the same period in the prior year, the company earned $0.62 EPS. The firm’s revenue was down .4% compared to the same quarter last year. On average, sell-side analysts forecast that Bank of America Corp will post 2.85 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.15%. The ex-dividend date is Thursday, June 6th. Bank of America’s dividend payout ratio is currently 22.99%.
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About Bank of America
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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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