Financial Partners Group LLC Sells 4,345 Shares of Bank of America Corporation (NYSE:BAC)

Financial Partners Group LLC lowered its stake in Bank of America Corporation (NYSE:BAC) by 9.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 43,048 shares of the financial services provider’s stock after selling 4,345 shares during the period. Financial Partners Group LLC’s holdings in Bank of America were worth $1,796,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BAC. Norges Bank bought a new position in Bank of America in the fourth quarter worth about $5,226,989,000. Capital World Investors raised its holdings in Bank of America by 23.9% in the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock worth $3,876,853,000 after purchasing an additional 17,031,143 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Bank of America by 10.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock worth $5,381,126,000 after purchasing an additional 11,691,451 shares during the last quarter. Amundi lifted its stake in shares of Bank of America by 37.1% in the fourth quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock worth $1,747,658,000 after buying an additional 10,231,001 shares in the last quarter. Finally, Northern Trust Corp raised its stake in Bank of America by 17.2% during the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock valued at $2,985,785,000 after buying an additional 9,980,859 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Bank of America stock opened at $44.22 on Wednesday. The stock has a market cap of $333.08 billion, a P/E ratio of 13.16, a price-to-earnings-growth ratio of 1.20 and a beta of 1.30. The stock has a 50 day moving average of $41.83 and a 200-day moving average of $43.34. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11. Bank of America Corporation has a 52 week low of $33.07 and a 52 week high of $48.08.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. The business had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. On average, analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given a $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.35%. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Argus reduced their price objective on shares of Bank of America from $53.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday, April 16th. Evercore ISI decreased their target price on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 1st. The Goldman Sachs Group boosted their target price on Bank of America from $46.00 to $52.00 and gave the company a “buy” rating in a research report on Tuesday, June 10th. Royal Bank Of Canada dropped their target price on shares of Bank of America from $50.00 to $45.00 and set an “outperform” rating on the stock in a report on Wednesday, April 16th. Finally, Keefe, Bruyette & Woods decreased their price objective on Bank of America from $55.00 to $52.00 and set an “outperform” rating for the company in a research note on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have given a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $47.69.

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.