Toth Financial Advisory Corp trimmed its position in Bank of America Corp (NYSE:BAC) by 7.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 13,902 shares of the financial services provider’s stock after selling 1,081 shares during the period. Toth Financial Advisory Corp’s holdings in Bank of America were worth $384,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently bought and sold shares of BAC. Norges Bank acquired a new position in shares of Bank of America during the 4th quarter worth approximately $2,656,024,000. Northern Trust Corp boosted its holdings in shares of Bank of America by 1.7% during the 4th quarter. Northern Trust Corp now owns 101,947,104 shares of the financial services provider’s stock worth $2,511,976,000 after purchasing an additional 1,696,074 shares during the last quarter. Harris Associates L P boosted its holdings in shares of Bank of America by 0.8% during the 4th quarter. Harris Associates L P now owns 81,107,007 shares of the financial services provider’s stock worth $1,998,477,000 after purchasing an additional 669,104 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in shares of Bank of America by 2,345.4% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 57,933,075 shares of the financial services provider’s stock worth $2,351,000 after purchasing an additional 55,563,977 shares during the last quarter. Finally, Legal & General Group Plc boosted its holdings in shares of Bank of America by 5.7% during the 4th quarter. Legal & General Group Plc now owns 43,093,827 shares of the financial services provider’s stock worth $1,061,797,000 after purchasing an additional 2,322,908 shares during the last quarter. Institutional investors own 65.10% of the company’s stock.
Several brokerages have recently weighed in on BAC. ValuEngine upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Friday, April 19th. Atlantic Securities cut Bank of America from an “overweight” rating to a “neutral” rating and set a $30.81 target price on the stock. in a report on Tuesday, April 30th. Oppenheimer boosted their target price on Bank of America from $38.00 to $40.00 and gave the stock an “outperform” rating in a report on Tuesday, March 26th. HSBC began coverage on Bank of America in a report on Thursday, April 4th. They set a “hold” rating and a $29.00 target price on the stock. Finally, Zacks Investment Research cut Bank of America from a “buy” rating to a “hold” rating in a report on Tuesday, March 19th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $32.98.
BAC stock opened at $28.29 on Thursday. The company has a market cap of $293.17 billion, a PE ratio of 10.84, a PEG ratio of 1.24 and a beta of 1.49. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.91 and a current ratio of 0.91. Bank of America Corp has a one year low of $22.66 and a one year high of $31.91.
Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.70 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.05. The firm had revenue of $23 billion for the quarter, compared to analyst estimates of $23.24 billion. Bank of America had a net margin of 25.42% and a return on equity of 11.79%. The business’s revenue for the quarter was down .4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.62 EPS. Analysts forecast that Bank of America Corp will post 2.86 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.12%. The ex-dividend date is Thursday, June 6th. Bank of America’s payout ratio is presently 22.99%.
In other news, insider Dean C. Athanasia sold 129,615 shares of Bank of America stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $29.78, for a total transaction of $3,859,934.70. Following the sale, the insider now owns 243,617 shares of the company’s stock, valued at approximately $7,254,914.26. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.17% of the stock is currently owned by insiders.
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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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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