Buckley Wealth Management LLC Cuts Holdings in Bank of America Co. (NYSE:BAC)

Buckley Wealth Management LLC cut its position in shares of Bank of America Co. (NYSE:BAC) by 1.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 46,518 shares of the financial services provider’s stock after selling 585 shares during the quarter. Buckley Wealth Management LLC’s holdings in Bank of America were worth $1,764,000 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. Norges Bank purchased a new position in Bank of America during the fourth quarter worth about $3,734,407,000. Price T Rowe Associates Inc. MD boosted its holdings in Bank of America by 10.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock worth $3,502,720,000 after purchasing an additional 9,879,524 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Bank of America by 3.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 41,833,075 shares of the financial services provider’s stock worth $1,408,520,000 after purchasing an additional 1,315,056 shares during the last quarter. Parnassus Investments LLC boosted its stake in Bank of America by 7.8% in the fourth quarter. Parnassus Investments LLC now owns 40,508,709 shares of the financial services provider’s stock valued at $1,363,928,000 after acquiring an additional 2,935,040 shares during the last quarter. Finally, Capital World Investors boosted its stake in Bank of America by 12.1% in the fourth quarter. Capital World Investors now owns 40,189,379 shares of the financial services provider’s stock valued at $1,353,216,000 after acquiring an additional 4,338,679 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BAC has been the topic of a number of research analyst reports. Wells Fargo & Company boosted their target price on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. StockNews.com cut shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Monday, May 20th. Jefferies Financial Group boosted their target price on shares of Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research note on Monday, April 8th. Finally, Keefe, Bruyette & Woods upgraded shares of Bank of America from a “market perform” rating to an “outperform” rating and upped their price target for the company from $37.00 to $46.00 in a research note on Friday, June 14th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $39.79.

Bank of America Price Performance

Bank of America stock traded up $0.47 during midday trading on Friday, reaching $39.72. 18,424,537 shares of the stock were exchanged, compared to its average volume of 38,696,043. The company’s fifty day moving average is $38.78 and its 200-day moving average is $35.97. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The firm has a market cap of $310.63 billion, a PE ratio of 13.75, a PEG ratio of 1.49 and a beta of 1.36. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $40.34.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The business had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. Bank of America’s revenue was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.94 EPS. On average, sell-side analysts forecast that Bank of America Co. will post 3.22 EPS for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date is Friday, June 7th. Bank of America’s payout ratio is 33.22%.

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.