Wolff Wiese Magana LLC Has $152,000 Stake in Bank of America Co. (NYSE:BAC)

Wolff Wiese Magana LLC decreased its holdings in Bank of America Co. (NYSE:BAC) by 14.8% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,885 shares of the financial services provider’s stock after selling 846 shares during the quarter. Wolff Wiese Magana LLC’s holdings in Bank of America were worth $152,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of BAC. Gryphon Financial Partners LLC raised its position in shares of Bank of America by 4.0% in the 1st quarter. Gryphon Financial Partners LLC now owns 10,805 shares of the financial services provider’s stock valued at $445,000 after buying an additional 419 shares in the last quarter. RDA Financial Network raised its position in shares of Bank of America by 22.5% in the 1st quarter. RDA Financial Network now owns 17,789 shares of the financial services provider’s stock valued at $733,000 after buying an additional 3,269 shares in the last quarter. First Heartland Consultants Inc. raised its position in shares of Bank of America by 23.2% in the 2nd quarter. First Heartland Consultants Inc. now owns 12,430 shares of the financial services provider’s stock valued at $386,000 after buying an additional 2,341 shares in the last quarter. Vestmark Advisory Solutions Inc. raised its position in shares of Bank of America by 6.7% in the 1st quarter. Vestmark Advisory Solutions Inc. now owns 189,342 shares of the financial services provider’s stock valued at $7,805,000 after buying an additional 11,847 shares in the last quarter. Finally, Atria Wealth Solutions Inc. acquired a new position in shares of Bank of America in the 1st quarter valued at approximately $13,302,000. Institutional investors and hedge funds own 68.48% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the subject of several analyst reports. Wells Fargo & Company dropped their target price on shares of Bank of America from $66.00 to $55.00 and set an “overweight” rating for the company in a research report on Friday, July 1st. Barclays lowered their price objective on shares of Bank of America from $58.00 to $51.00 and set an “overweight” rating for the company in a research report on Tuesday, July 19th. Morgan Stanley lowered their price objective on shares of Bank of America from $47.00 to $40.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 12th. Societe Generale upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $37.50 price objective for the company in a research report on Monday, July 11th. Finally, Royal Bank of Canada lowered their price objective on shares of Bank of America from $45.00 to $40.00 in a research report on Tuesday, July 19th. Six equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $46.58.

Bank of America Trading Down 3.1 %

Shares of NYSE:BAC traded down $1.01 during trading on Friday, reaching $31.49. The stock had a trading volume of 1,899,362 shares, compared to its average volume of 38,124,100. The firm’s fifty day moving average is $34.13 and its 200 day moving average is $35.84. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.74 and a current ratio of 0.74. Bank of America Co. has a 52 week low of $29.67 and a 52 week high of $50.11. The stock has a market cap of $253.03 billion, a price-to-earnings ratio of 9.83, a P/E/G ratio of 1.48 and a beta of 1.37.

Bank of America (NYSE:BACGet Rating) last posted its quarterly earnings data on Monday, July 18th. The financial services provider reported $0.73 EPS for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.04). Bank of America had a net margin of 28.89% and a return on equity of 11.51%. The firm had revenue of $22.69 billion during the quarter, compared to the consensus estimate of $22.79 billion. During the same period in the prior year, the company posted $1.03 earnings per share. The company’s revenue for the quarter was up 5.7% compared to the same quarter last year. As a group, equities analysts forecast that Bank of America Co. will post 3.2 EPS for the current fiscal year.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Friday, September 2nd will be paid a $0.22 dividend. This is a positive change from Bank of America’s previous quarterly dividend of $0.21. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.79%. The ex-dividend date is Thursday, September 1st. Bank of America’s dividend payout ratio is currently 27.50%.

Bank of America Company Profile

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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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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