Bank of America Co. (NYSE:BAC) Shares Sold by Bridgewealth Advisory Group LLC

Bridgewealth Advisory Group LLC lessened its position in shares of Bank of America Co. (NYSE:BAC) by 10.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 14,090 shares of the financial services provider’s stock after selling 1,616 shares during the quarter. Bridgewealth Advisory Group LLC’s holdings in Bank of America were worth $534,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Rossmore Private Capital raised its holdings in shares of Bank of America by 1.2% in the 4th quarter. Rossmore Private Capital now owns 26,537 shares of the financial services provider’s stock worth $894,000 after purchasing an additional 303 shares in the last quarter. Chemistry Wealth Management LLC increased its holdings in shares of Bank of America by 0.3% in the first quarter. Chemistry Wealth Management LLC now owns 109,541 shares of the financial services provider’s stock valued at $4,154,000 after buying an additional 310 shares in the last quarter. Regent Peak Wealth Advisors LLC increased its holdings in shares of Bank of America by 3.2% in the fourth quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock valued at $336,000 after buying an additional 314 shares in the last quarter. Kennedy Investment Group lifted its position in shares of Bank of America by 0.6% during the 4th quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock valued at $1,953,000 after acquiring an additional 321 shares during the last quarter. Finally, Private Ocean LLC boosted its stake in shares of Bank of America by 34.0% during the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 325 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Up 0.6 %

Shares of NYSE BAC traded up $0.24 during trading hours on Monday, hitting $40.01. The stock had a trading volume of 26,766,562 shares, compared to its average volume of 38,869,418. The company has a market capitalization of $312.89 billion, a P/E ratio of 13.84, a P/E/G ratio of 1.52 and a beta of 1.35. The firm’s 50-day moving average price is $38.91 and its two-hundred day moving average price is $36.12. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $40.34.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. During the same quarter in the prior year, the business posted $0.94 EPS. Bank of America’s quarterly revenue was down 1.7% on a year-over-year basis. Analysts anticipate that Bank of America Co. will post 3.22 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were paid a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.40%. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on BAC. UBS Group reaffirmed a “neutral” rating and set a $40.00 target price (up from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Jefferies Financial Group raised their target price on shares of Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a report on Monday, April 8th. Evercore ISI boosted their price target on shares of Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a report on Thursday, April 4th. HSBC reaffirmed a “hold” rating and issued a $39.00 price objective (up previously from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Finally, Keefe, Bruyette & Woods raised shares of Bank of America from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $37.00 to $46.00 in a research note on Friday, June 14th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, Bank of America currently has a consensus rating of “Hold” and an average price target of $39.79.

Bank of America 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.