Bank of America Co. (NYSE:BAC) Shares Sold by Calton & Associates Inc.

Calton & Associates Inc. reduced its stake in Bank of America Co. (NYSE:BAC) by 19.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,277 shares of the financial services provider’s stock after selling 4,945 shares during the period. Calton & Associates Inc.’s holdings in Bank of America were worth $769,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of BAC. Ethos Financial Group LLC raised its stake in Bank of America by 6.2% in the fourth quarter. Ethos Financial Group LLC now owns 8,452 shares of the financial services provider’s stock valued at $285,000 after buying an additional 492 shares in the last quarter. Auxano Advisors LLC raised its stake in Bank of America by 234.5% in the fourth quarter. Auxano Advisors LLC now owns 27,356 shares of the financial services provider’s stock valued at $921,000 after buying an additional 19,179 shares in the last quarter. Stonebridge Capital Advisors LLC raised its stake in Bank of America by 3.7% in the third quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock valued at $1,793,000 after buying an additional 2,332 shares in the last quarter. Kingswood Wealth Advisors LLC raised its stake in Bank of America by 228.3% in the fourth quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock valued at $2,273,000 after buying an additional 46,950 shares in the last quarter. Finally, DiNuzzo Private Wealth Inc. acquired a new stake in Bank of America in the fourth quarter valued at $105,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of NYSE BAC traded up $0.52 during midday trading on Friday, reaching $39.77. 50,584,278 shares of the company were exchanged, compared to its average volume of 38,957,273. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $40.34. The stock has a fifty day simple moving average of $38.91 and a 200 day simple moving average of $36.06. The stock has a market cap of $311.02 billion, a P/E ratio of 13.76, a PEG ratio of 1.49 and a beta of 1.36.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. During the same quarter in the previous year, the company earned $0.94 EPS. The firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. On average, research analysts forecast that Bank of America Co. will post 3.22 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.41%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s payout ratio is 33.22%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on BAC shares. BMO Capital Markets raised their price target on Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research note on Thursday, April 18th. Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price on the stock in a research report on Friday, April 19th. Piper Sandler lifted their target price on Bank of America from $35.00 to $37.00 and gave the stock an “underweight” rating in a research report on Tuesday, June 4th. Evercore ISI lifted their target price on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. Finally, Keefe, Bruyette & Woods upgraded Bank of America from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $37.00 to $46.00 in a research report on Friday, June 14th. Two analysts have rated the stock with a sell rating, six have given a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, Bank of America presently has an average rating of “Hold” and a consensus target price of $39.79.

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.