Southland Equity Partners LLC Sells 3,005 Shares of Bank of America Co. (NYSE:BAC)

Southland Equity Partners LLC lessened its position in shares of Bank of America Co. (NYSE:BAC) by 27.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,999 shares of the financial services provider’s stock after selling 3,005 shares during the period. Southland Equity Partners LLC’s holdings in Bank of America were worth $303,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Fuller & Thaler Asset Management Inc. lifted its stake in Bank of America by 5.1% in the 3rd quarter. Fuller & Thaler Asset Management Inc. now owns 18,816 shares of the financial services provider’s stock valued at $515,000 after purchasing an additional 916 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. lifted its stake in Bank of America by 8.2% in the 3rd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 121,108 shares of the financial services provider’s stock valued at $3,316,000 after purchasing an additional 9,214 shares during the last quarter. Eagle Asset Management Inc. lifted its stake in Bank of America by 3.4% in the 3rd quarter. Eagle Asset Management Inc. now owns 88,882 shares of the financial services provider’s stock valued at $2,434,000 after purchasing an additional 2,956 shares during the last quarter. Covestor Ltd lifted its stake in Bank of America by 11.6% in the 3rd quarter. Covestor Ltd now owns 4,133 shares of the financial services provider’s stock valued at $114,000 after purchasing an additional 428 shares during the last quarter. Finally, Pegasus Partners Ltd. lifted its stake in Bank of America by 10.0% in the 3rd quarter. Pegasus Partners Ltd. now owns 41,114 shares of the financial services provider’s stock valued at $1,126,000 after purchasing an additional 3,723 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on BAC. BMO Capital Markets increased their price objective on shares of Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research note on Thursday, April 18th. JPMorgan Chase & Co. increased their price objective on shares of Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a research note on Wednesday, May 1st. Keefe, Bruyette & Woods upgraded shares of Bank of America from a “market perform” rating to an “outperform” rating and upped their price target for the company from $37.00 to $46.00 in a research report on Friday, June 14th. Piper Sandler upped their price target on shares of Bank of America from $35.00 to $37.00 and gave the company an “underweight” rating in a research report on Tuesday, June 4th. Finally, Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Two 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 presently has an average rating of “Hold” and an average price target of $39.79.

Bank of America Trading Up 1.3 %

NYSE:BAC opened at $40.02 on Tuesday. 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 stock has a market capitalization of $312.97 billion, a price-to-earnings ratio of 13.85, a PEG ratio of 1.76 and a beta of 1.36. The firm has a fifty day simple moving average of $38.61 and a two-hundred day simple moving average of $35.89. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $40.34.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates 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 net margin of 13.94% and a return on equity of 10.88%. The business’s quarterly revenue was down 1.7% on a year-over-year basis. During the same period last year, the company posted $0.94 earnings per share. Analysts expect that Bank of America Co. will post 3.21 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s payout ratio is 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.