Trivant Custom Portfolio Group LLC Has $1.51 Million Stake in Bank of America Corporation (NYSE:BAC)

Trivant Custom Portfolio Group LLC cut its position in Bank of America Corporation (NYSE:BAC) by 58.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 36,134 shares of the financial services provider’s stock after selling 51,751 shares during the quarter. Trivant Custom Portfolio Group LLC’s holdings in Bank of America were worth $1,508,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in BAC. Avalon Trust Co boosted its holdings in shares of Bank of America by 14.6% in the 4th quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider’s stock worth $76,000 after purchasing an additional 219 shares in the last quarter. Prossimo Advisors LLC lifted its position in Bank of America by 2.5% in the 4th quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock worth $390,000 after buying an additional 220 shares during the last quarter. TAGStone Capital Inc. lifted its position in Bank of America by 1.2% in the 4th quarter. TAGStone Capital Inc. now owns 19,802 shares of the financial services provider’s stock worth $870,000 after buying an additional 227 shares during the last quarter. Hayek Kallen Investment Management boosted its stake in Bank of America by 2.0% in the fourth quarter. Hayek Kallen Investment Management now owns 12,022 shares of the financial services provider’s stock worth $528,000 after buying an additional 233 shares in the last quarter. Finally, Continuum Advisory LLC grew its position in Bank of America by 1.4% during the fourth quarter. Continuum Advisory LLC now owns 16,707 shares of the financial services provider’s stock valued at $734,000 after acquiring an additional 237 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC stock opened at $45.02 on Thursday. The firm has a market capitalization of $339.09 billion, a price-to-earnings ratio of 13.40, a PEG ratio of 1.20 and a beta of 1.30. The stock has a fifty day moving average of $41.98 and a 200 day moving average of $43.35. Bank of America Corporation has a 52 week low of $33.07 and a 52 week high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. The business had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. As a group, research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date is Friday, June 6th. Bank of America’s payout ratio is currently 30.95%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on BAC shares. UBS Group boosted their price objective on shares of Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, April 16th. JPMorgan Chase & Co. lowered their price target on shares of Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a research note on Thursday, April 3rd. Phillip Securities upgraded shares of Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, April 17th. Barclays decreased their price objective on Bank of America from $58.00 to $54.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Finally, Keefe, Bruyette & Woods dropped their target price on Bank of America from $55.00 to $52.00 and set an “outperform” rating for the company in a report on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have assigned a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.69.

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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.