MONECO Advisors LLC Trims Position in Bank of America Co. (NYSE:BAC)

MONECO Advisors LLC decreased its position in shares of Bank of America Co. (NYSE:BAC) by 61.9% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 25,767 shares of the financial services provider’s stock after selling 41,882 shares during the quarter. MONECO Advisors LLC’s holdings in Bank of America were worth $868,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of BAC. Financial Engines Advisors L.L.C. purchased a new position in Bank of America during the third quarter valued at $222,000. Envestnet Portfolio Solutions Inc. bought a new stake in shares of Bank of America in the third quarter worth about $10,983,000. Grantham Mayo Van Otterloo & Co. LLC lifted its position in shares of Bank of America by 5.4% in the third quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 1,645,919 shares of the financial services provider’s stock worth $45,065,000 after buying an additional 84,543 shares in the last quarter. Clearstead Advisors LLC boosted its stake in Bank of America by 11.5% during the third quarter. Clearstead Advisors LLC now owns 64,659 shares of the financial services provider’s stock valued at $1,770,000 after buying an additional 6,644 shares during the last quarter. Finally, Balentine LLC grew its holdings in Bank of America by 5.3% during the 3rd quarter. Balentine LLC now owns 13,567 shares of the financial services provider’s stock valued at $371,000 after buying an additional 687 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the topic of several recent research reports. StockNews.com cut Bank of America from a “hold” rating to a “sell” rating in a report on Monday, May 20th. Keefe, Bruyette & Woods raised shares of Bank of America from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $37.00 to $46.00 in a research note on Friday. Oppenheimer upped their target price on shares of Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Tuesday, April 30th. Piper Sandler lifted their price target on Bank of America from $35.00 to $37.00 and gave the stock an “underweight” rating in a research report on Tuesday, June 4th. Finally, Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective on the stock in a research report on Friday, April 19th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $39.79.

Bank of America Stock Performance

Bank of America stock opened at $39.53 on Tuesday. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $40.19. The company has a market capitalization of $309.14 billion, a PE ratio of 13.68, a P/E/G ratio of 1.75 and a beta of 1.36. The company has a 50 day moving average price of $38.27 and a 200-day moving average price of $35.57. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last issued its earnings results 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. The business had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.94 EPS. As a group, equities analysts forecast that Bank of America Co. will post 3.21 earnings per share for the current year.

Bank of America Announces Dividend

The firm 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 $0.24 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.43%. Bank of America’s payout ratio is presently 33.22%.

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.