Sequoia Financial Advisors LLC trimmed its stake in Bank of America Corp (NYSE:BAC) by 58.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 49,212 shares of the financial services provider’s stock after selling 70,138 shares during the period. Sequoia Financial Advisors LLC’s holdings in Bank of America were worth $1,045,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Firestone Capital Management acquired a new stake in Bank of America in the 4th quarter worth $45,000. Wealth Alliance acquired a new stake in Bank of America in the 4th quarter worth $71,000. TFO TDC LLC acquired a new stake in Bank of America in the 4th quarter worth $26,000. Cox Capital Mgt LLC acquired a new stake in Bank of America in the 1st quarter worth $27,000. Finally, Sage Financial Group Inc. acquired a new stake in Bank of America in the 4th quarter worth $38,000. Institutional investors own 70.08% of the company’s stock.
Several research firms have issued reports on BAC. Morgan Stanley decreased their price target on shares of Bank of America from $30.00 to $23.00 and set an “overweight” rating on the stock in a research report on Friday, March 27th. Barclays reiterated a “buy” rating and set a $33.00 target price on shares of Bank of America in a research report on Thursday, April 9th. DA Davidson lifted their target price on shares of Bank of America from $24.00 to $26.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. UBS Group lifted their target price on shares of Bank of America from $20.00 to $21.00 and gave the company a “neutral” rating in a research report on Monday, May 4th. Finally, Oppenheimer lifted their target price on shares of Bank of America from $30.00 to $33.00 and gave the company an “outperform” rating in a research report on Thursday, April 16th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $29.74.
Shares of NYSE BAC traded down $0.24 during trading on Friday, reaching $22.66. The company had a trading volume of 48,083,035 shares, compared to its average volume of 63,654,284. Bank of America Corp has a 52 week low of $17.95 and a 52 week high of $35.72. The stock has a market cap of $198.67 billion, a PE ratio of 9.29, a PEG ratio of 2.22 and a beta of 1.60. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.91 and a current ratio of 0.92. The business’s 50 day moving average price is $22.58 and its 200-day moving average price is $29.41.
Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, April 15th. The financial services provider reported $0.40 earnings per share 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 company had revenue of $22.77 billion during the quarter, compared to the consensus estimate of $22.58 billion. During the same period in the prior year, the firm posted $0.70 earnings per share. The company’s revenue was down 1.0% on a year-over-year basis. Equities analysts anticipate that Bank of America Corp will post 1.48 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date is Thursday, June 4th. Bank of America’s dividend payout ratio is presently 24.49%.
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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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