1834 Investment Advisors Co. Sells 30,131 Shares of Bank of America Co. (NYSE:BAC)
1834 Investment Advisors Co. reduced its position in Bank of America by 53.2% during the 1st quarter, according to its recent filing with the SEC. The company sold 30,131 shares, resulting in holdings worth $1,005,000. Other large investors also made changes to their positions in the company. Analysts have issued various ratings for Bank of America stock. The company recently announced a quarterly dividend. Bank of America's stock price currently stands at $40.41.
1834 Investment Advisors Co. lowered its position in Bank of America Co. (NYSE:BAC) by 53.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,504 shares of the financial services provider's stock after selling 30,131 shares during the period. 1834 Investment Advisors Co.'s holdings in Bank of America were worth $1,005,000 at the end of the most recent reporting period.
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A number of other large investors also recently made changes to their positions in the company. Livelsberger Financial Advisory bought a new position in shares of Bank of America in the fourth quarter valued at approximately $28,000. Northwest Investment Counselors LLC bought a new position in Bank of America in the 1st quarter valued at $33,000. Fortis Group Advisors LLC purchased a new stake in shares of Bank of America during the 3rd quarter valued at $25,000. Criterion Capital Advisors LLC bought a new stake in shares of Bank of America during the 4th quarter worth $32,000. Finally, Mark Sheptoff Financial Planning LLC boosted its holdings in shares of Bank of America by 431.0% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 1,062 shares of the financial services provider's stock worth $36,000 after buying an additional 862 shares during the last quarter. 70.71% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
A number of analysts recently issued reports on BAC shares. Keefe, Bruyette & Woods upgraded shares of Bank of America from a "market perform" rating to an "outperform" rating and raised their price objective for the stock from $37.00 to $46.00 in a report on Friday, June 14th. Evercore ISI lifted their price target on shares of Bank of America from $41.00 to $43.00 and gave the stock an "outperform" rating in a report on Wednesday. Wells Fargo & Company increased their price objective on Bank of America from $40.00 to $44.00 and gave the company an "overweight" rating in a report on Thursday, March 28th. Piper Sandler boosted their target price on Bank of America from $35.00 to $37.00 and gave the company an "underweight" rating in a research note on Tuesday, June 4th. Finally, Jefferies Financial Group boosted their price objective on Bank of America from $39.00 to $41.00 and gave the company a "hold" rating in a research note on Wednesday. Two analysts have rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $40.02.
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Check Out Our Latest Stock Report on Bank of America
Bank of America Price Performance
Shares of NYSE:BAC traded down $0.49 on Friday, hitting $40.41. The company's stock had a trading volume of 23,488,968 shares, compared to its average volume of 32,246,980. The company has a market capitalization of $316.02 billion, a PE ratio of 13.98, a PEG ratio of 1.56 and a beta of 1.35. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The company has a 50-day simple moving average of $39.17 and a 200 day simple moving average of $36.33. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $41.20.
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Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate 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 period in the prior year, the business earned $0.94 earnings per share. Bank of America's revenue for the quarter was down 1.7% compared to the same quarter last year. Sell-side 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 disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were issued a dividend of $0.24 per share. The ex-dividend date was Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.38%. Bank of America's dividend payout ratio is 33.22%.
Bank of America Company Profile
(Free Report)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.
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