Iams Wealth Management LLC Sells 1,493 Shares of Bank of America Co. (NYSE:BAC)

Iams Wealth Management LLC lessened its position in shares of Bank of America Co. (NYSE:BAC) by 4.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 34,673 shares of the financial services provider’s stock after selling 1,493 shares during the period. Iams Wealth Management LLC’s holdings in Bank of America were worth $1,315,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of BAC. Consilio Wealth Advisors LLC purchased a new stake in shares of Bank of America in the 1st quarter valued at $279,000. O ROURKE & COMPANY Inc raised its holdings in Bank of America by 4.0% during the 1st quarter. O ROURKE & COMPANY Inc now owns 12,475 shares of the financial services provider’s stock valued at $473,000 after buying an additional 476 shares during the last quarter. Claro Advisors LLC raised its holdings in Bank of America by 5.1% during the 1st quarter. Claro Advisors LLC now owns 57,442 shares of the financial services provider’s stock valued at $2,178,000 after buying an additional 2,793 shares during the last quarter. Miracle Mile Advisors LLC raised its holdings in Bank of America by 2.1% during the 1st quarter. Miracle Mile Advisors LLC now owns 19,229 shares of the financial services provider’s stock valued at $729,000 after buying an additional 388 shares during the last quarter. Finally, Kowal Investment Group LLC raised its holdings in Bank of America by 21.2% during the 1st quarter. Kowal Investment Group LLC now owns 14,578 shares of the financial services provider’s stock valued at $553,000 after buying an additional 2,548 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

NYSE BAC traded up $0.30 on Tuesday, reaching $40.31. 9,036,162 shares of the stock were exchanged, compared to its average volume of 38,632,695. Bank of America Co. has a one year low of $24.96 and a one year high of $40.34. The firm has a market capitalization of $315.24 billion, a PE ratio of 13.92, a PEG ratio of 1.52 and a beta of 1.35. The company’s 50-day simple moving average is $38.91 and its two-hundred day simple moving average is $36.12. 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 (NYSE:BAC) last released its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. During the same quarter last year, the business earned $0.94 EPS. The firm’s revenue was down 1.7% compared to the same quarter last year. Analysts expect that Bank of America Co. will post 3.22 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date was Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is currently 33.22%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. 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 report on Friday, June 14th. Piper Sandler upped their price target on shares of Bank of America from $35.00 to $37.00 and gave the company an “underweight” rating in a report on Tuesday, June 4th. Wells Fargo & Company upped their price objective on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. Finally, Oppenheimer upped their price objective on shares of Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a report on Tuesday, April 30th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus 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.