Winthrop Advisory Group LLC Sells 1,338 Shares of Bank of America Co. (NYSE:BAC)

Winthrop Advisory Group LLC trimmed its holdings in Bank of America Co. (NYSE:BAC) by 4.6% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 27,680 shares of the financial services provider’s stock after selling 1,338 shares during the quarter. Winthrop Advisory Group LLC’s holdings in Bank of America were worth $1,050,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Rossmore Private Capital increased its stake in shares of Bank of America by 1.2% during the fourth quarter. Rossmore Private Capital now owns 26,537 shares of the financial services provider’s stock valued at $894,000 after buying an additional 303 shares during the period. Chemistry Wealth Management LLC grew its stake in Bank of America by 0.3% in the first quarter. Chemistry Wealth Management LLC now owns 109,541 shares of the financial services provider’s stock valued at $4,154,000 after purchasing an additional 310 shares during the last quarter. Regent Peak Wealth Advisors LLC grew its stake in Bank of America by 3.2% in the fourth quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock valued at $336,000 after purchasing an additional 314 shares during the last quarter. Kennedy Investment Group grew its stake in Bank of America by 0.6% in the fourth quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock valued at $1,953,000 after purchasing an additional 321 shares during the last quarter. Finally, Private Ocean LLC grew its stake in Bank of America by 34.0% in the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 325 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Performance

NYSE:BAC traded up $0.52 during trading hours on Friday, reaching $39.77. The company had a trading volume of 52,028,200 shares, compared to its average volume of 35,164,596. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $40.34. The firm has a market cap of $311.02 billion, a PE ratio of 13.76, a price-to-earnings-growth ratio of 1.52 and a beta of 1.36. The business’s 50 day moving average price is $38.91 and its 200-day moving average price is $36.10. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) 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 during the quarter, compared to the consensus estimate of $25.49 billion. During the same period in the previous year, the company posted $0.94 earnings per share. Bank of America’s revenue for the quarter was down 1.7% on a year-over-year basis. Research analysts forecast that Bank of America Co. will post 3.22 EPS for the current year.

Bank of America Announces Dividend

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

Wall Street Analyst Weigh In

Several research firms have issued reports on BAC. Jefferies Financial Group lifted their target price on Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research note on Monday, April 8th. 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 note on Friday, April 19th. HSBC reiterated a “hold” rating and issued a $39.00 target price (up previously from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Keefe, Bruyette & Woods upgraded Bank of America from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $37.00 to $46.00 in a research note on Friday, June 14th. Finally, Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target 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.