Monetary Management Group Inc. cut its holdings in shares of Bank of America Corp (NYSE:BAC) by 31.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,400 shares of the financial services provider’s stock after selling 4,800 shares during the quarter. Monetary Management Group Inc.’s holdings in Bank of America were worth $221,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of the business. Capital Bank & Trust Co lifted its position in Bank of America by 0.8% during the 4th quarter. Capital Bank & Trust Co now owns 40,417 shares of the financial services provider’s stock worth $1,423,000 after buying an additional 310 shares in the last quarter. Noesis Capital Mangement Corp lifted its position in Bank of America by 4.2% during the 4th quarter. Noesis Capital Mangement Corp now owns 7,661 shares of the financial services provider’s stock worth $270,000 after buying an additional 311 shares in the last quarter. Wesbanco Bank Inc. lifted its position in Bank of America by 0.6% during the 4th quarter. Wesbanco Bank Inc. now owns 51,961 shares of the financial services provider’s stock worth $1,830,000 after buying an additional 313 shares in the last quarter. Bogart Wealth LLC lifted its position in Bank of America by 6.4% during the 4th quarter. Bogart Wealth LLC now owns 6,616 shares of the financial services provider’s stock worth $233,000 after buying an additional 400 shares in the last quarter. Finally, Buckhead Capital Management LLC lifted its position in Bank of America by 1.1% during the 4th quarter. Buckhead Capital Management LLC now owns 36,719 shares of the financial services provider’s stock worth $1,293,000 after buying an additional 404 shares in the last quarter. 69.26% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE:BAC traded down $2.00 on Thursday, reaching $24.66. 74,709,189 shares of the company’s stock were exchanged, compared to its average volume of 77,997,836. The company has a fifty day moving average of $23.65 and a 200-day moving average of $28.70. Bank of America Corp has a twelve month low of $17.95 and a twelve month high of $35.72. The company has a market capitalization of $213.94 billion, a price-to-earnings ratio of 10.11, a PEG ratio of 2.72 and a beta of 1.58. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 1.06.
Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, April 15th. The financial services provider reported $0.40 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.60 by ($0.20). Bank of America had a return on equity of 10.64% and a net margin of 21.64%. The business had revenue of $22.77 billion for the quarter, compared to analyst estimates of $22.58 billion. During the same quarter in the previous year, the company earned $0.70 EPS. The business’s revenue for the quarter was down 1.0% on a year-over-year basis. As a group, equities research analysts forecast that Bank of America Corp will post 1.48 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, June 4th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.92%. Bank of America’s payout ratio is presently 24.49%.
A number of brokerages have recently issued reports on BAC. BMO Capital Markets dropped their target price on shares of Bank of America from $26.00 to $24.00 and set a “market perform” rating on the stock in a report on Thursday, April 16th. Oppenheimer upped their target price on shares of Bank of America from $30.00 to $33.00 and gave the company an “outperform” rating in a report on Thursday, April 16th. ValuEngine cut shares of Bank of America from a “hold” rating to a “sell” rating in a report on Tuesday, May 12th. Barclays reaffirmed a “buy” rating and issued a $33.00 target price on shares of Bank of America in a report on Thursday, April 9th. Finally, Wells Fargo & Co upped their target price on shares of Bank of America from $30.00 to $35.00 in a report on Friday, June 5th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and thirteen have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $29.58.
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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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