Richard P Slaughter Associates Inc Sells 23,425 Shares of Bank of America Co. (NYSE:BAC)


Share on StockTwits

Richard P Slaughter Associates Inc cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 23.4% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 76,761 shares of the financial services provider’s stock after selling 23,425 shares during the period. Bank of America accounts for 1.2% of Richard P Slaughter Associates Inc’s holdings, making the stock its 24th biggest holding. Richard P Slaughter Associates Inc’s holdings in Bank of America were worth $2,969,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Global Retirement Partners LLC boosted its stake in shares of Bank of America by 7.6% during the first quarter. Global Retirement Partners LLC now owns 46,573 shares of the financial services provider’s stock valued at $1,802,000 after purchasing an additional 3,291 shares in the last quarter. Global Trust Asset Management LLC bought a new position in shares of Bank of America during the first quarter valued at approximately $124,000. CVA Family Office LLC boosted its stake in shares of Bank of America by 131.2% during the first quarter. CVA Family Office LLC now owns 10,264 shares of the financial services provider’s stock valued at $397,000 after purchasing an additional 5,825 shares in the last quarter. AdvisorNet Financial Inc boosted its stake in shares of Bank of America by 1.6% during the first quarter. AdvisorNet Financial Inc now owns 82,134 shares of the financial services provider’s stock valued at $3,178,000 after purchasing an additional 1,268 shares in the last quarter. Finally, Stock Yards Bank & Trust Co. boosted its stake in shares of Bank of America by 18.8% during the first quarter. Stock Yards Bank & Trust Co. now owns 21,143 shares of the financial services provider’s stock valued at $818,000 after purchasing an additional 3,353 shares in the last quarter. Hedge funds and other institutional investors own 68.10% of the company’s stock.

Several equities research analysts have weighed in on the stock. Credit Suisse Group raised their target price on shares of Bank of America from $36.00 to $38.00 and gave the company an “outperform” rating in a research note on Wednesday, January 20th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and raised their target price for the company from $31.00 to $37.00 in a research note on Monday, January 11th. Zacks Investment Research upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $34.00 target price for the company in a research note on Friday, January 22nd. Smith Barney Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating in a research note on Monday, January 11th. Finally, Wolfe Research upgraded shares of Bank of America from a “peer perform” rating to an “outperform” rating and raised their target price for the company from $27.00 to $36.00 in a research note on Tuesday, January 5th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and fourteen have issued a buy rating to the stock. Bank of America has an average rating of “Buy” and a consensus price target of $35.82.

Shares of BAC traded down $1.14 during midday trading on Friday, hitting $38.74. 118,128,903 shares of the stock were exchanged, compared to its average volume of 55,919,645. Bank of America Co. has a 52-week low of $20.10 and a 52-week high of $40.38. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.87 and a current ratio of 0.87. The stock has a fifty day simple moving average of $37.98 and a 200 day simple moving average of $31.09. The firm has a market cap of $334.22 billion, a P/E ratio of 19.18, a P/E/G ratio of 2.13 and a beta of 1.59.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Thursday, April 15th. The financial services provider reported $0.86 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.65 by $0.21. Bank of America had a return on equity of 8.00% and a net margin of 19.50%. The business had revenue of $22.80 billion during the quarter, compared to analysts’ expectations of $21.67 billion. During the same period in the previous year, the firm posted $0.40 earnings per share. The company’s revenue was up .1% on a year-over-year basis. As a group, equities research analysts forecast that Bank of America Co. will post 1.84 EPS for the current fiscal year.

Bank of America declared that its board has approved a stock buyback program on Tuesday, January 19th that authorizes the company to buyback $2.90 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 1% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

The business also recently announced a quarterly dividend, which was paid on Friday, March 26th. Investors of record on Friday, March 5th were paid a dividend of $0.18 per share. The ex-dividend date was Thursday, March 4th. This represents a $0.72 annualized dividend and a yield of 1.86%. Bank of America’s payout ratio is 24.49%.

About Bank of America

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.

See Also: What Is an EV Stock?

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Co. (NYSE:BAC).

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

Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.