Centerpoint Advisory Group Cuts Stock Holdings in Bank of America Corporation (NYSE:BAC)

Centerpoint Advisory Group lessened its position in Bank of America Corporation (NYSE:BAC) by 3.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,572 shares of the financial services provider’s stock after selling 278 shares during the quarter. Centerpoint Advisory Group’s holdings in Bank of America were worth $358,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Bank of America by 4.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider’s stock valued at $173,168,000 after purchasing an additional 173,021 shares in the last quarter. OFI Invest Asset Management purchased a new position in shares of Bank of America in the fourth quarter worth about $60,679,000. Arizona State Retirement System boosted its position in Bank of America by 0.5% during the fourth quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider’s stock worth $89,150,000 after acquiring an additional 10,377 shares during the last quarter. Gradient Investments LLC grew its stake in Bank of America by 7.8% during the 1st quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider’s stock valued at $29,061,000 after acquiring an additional 50,296 shares in the last quarter. Finally, Keybank National Association OH grew its stake in Bank of America by 1.1% during the 4th quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock valued at $152,006,000 after acquiring an additional 38,258 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Up 1.0%

Shares of NYSE BAC opened at $45.51 on Monday. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11. The business’s 50 day moving average is $42.36 and its two-hundred day moving average is $43.28. Bank of America Corporation has a 52-week low of $33.07 and a 52-week high of $48.08. The firm has a market cap of $342.78 billion, a price-to-earnings ratio of 13.54, a PEG ratio of 1.23 and a beta of 1.30.

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

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.29%. Bank of America’s dividend payout ratio is presently 30.95%.

Analyst Ratings Changes

Several research analysts have recently weighed in on BAC shares. Barclays lowered their target price 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. Keefe, Bruyette & Woods lowered their price objective on Bank of America from $55.00 to $52.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 16th. Cfra Research raised their target price on Bank of America to $47.00 and gave the stock a “buy” rating in a research note on Wednesday, April 16th. Citigroup reduced their price target on Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, March 24th. Finally, Argus dropped their price objective on shares of Bank of America from $53.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have assigned a buy rating and four have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.69.

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.