Bank of America Co. (NYSE:BAC) Shares Sold by WFA Asset Management Corp

WFA Asset Management Corp lowered its position in shares of Bank of America Co. (NYSE:BAC) by 41.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,439 shares of the financial services provider’s stock after selling 4,609 shares during the period. WFA Asset Management Corp’s holdings in Bank of America were worth $244,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in BAC. Fortis Group Advisors LLC purchased a new stake in Bank of America during the third quarter worth about $25,000. Livelsberger Financial Advisory acquired a new stake in shares of Bank of America in the fourth quarter worth $28,000. Criterion Capital Advisors LLC acquired a new stake in shares of Bank of America in the fourth quarter worth $32,000. Northwest Investment Counselors LLC purchased a new position in shares of Bank of America in the first quarter valued at $33,000. Finally, Mark Sheptoff Financial Planning LLC boosted its stake in Bank of America by 431.0% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 1,062 shares of the financial services provider’s stock valued at $36,000 after acquiring an additional 862 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Down 0.0 %

Shares of NYSE:BAC traded down $0.01 during trading on Wednesday, hitting $40.92. 11,565,224 shares of the company’s stock traded hands, compared to its average volume of 38,621,441. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $41.20. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a market cap of $320.01 billion, a price-to-earnings ratio of 14.12, a price-to-earnings-growth ratio of 1.52 and a beta of 1.35. The company has a 50-day moving average price of $39.00 and a 200-day moving average price of $36.22.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. During the same quarter in the previous year, the business posted $0.94 EPS. Bank of America’s revenue for the quarter was down 1.7% on a year-over-year basis. As a group, research analysts forecast that Bank of America Co. will post 3.22 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date was Friday, June 7th. Bank of America’s dividend payout ratio is presently 33.22%.

Wall Street Analysts Forecast Growth

BAC has been the subject of several research analyst reports. Piper Sandler upped their price objective on shares of Bank of America from $35.00 to $37.00 and gave the stock an “underweight” rating in a report on Tuesday, June 4th. Jefferies Financial Group increased their price objective on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a report on Wednesday. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. UBS Group reissued a “neutral” rating and issued a $40.00 price objective (up from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Finally, Citigroup increased their price objective on Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research report on Wednesday, March 20th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus target price of $40.02.

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.