Bank of America Co. (NYSE:BAC) Shares Sold by SteelPeak Wealth LLC

SteelPeak Wealth LLC lessened its stake in Bank of America Co. (NYSE:BAC) by 73.8% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 39,492 shares of the financial services provider’s stock after selling 111,291 shares during the period. SteelPeak Wealth LLC’s holdings in Bank of America were worth $1,498,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Fortis Group Advisors LLC acquired a new position in Bank of America in the 3rd quarter valued at $25,000. Livelsberger Financial Advisory purchased a new position in shares of Bank of America during the 4th quarter worth approximately $28,000. Criterion Capital Advisors LLC acquired a new stake in shares of Bank of America in the 4th quarter valued at approximately $32,000. Northwest Investment Counselors LLC purchased a new stake in shares of Bank of America in the first quarter valued at approximately $33,000. Finally, Mark Sheptoff Financial Planning LLC grew its holdings in Bank of America by 431.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 1,062 shares of the financial services provider’s stock worth $36,000 after acquiring an additional 862 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Trading Up 1.3 %

Shares of BAC stock opened at $39.77 on Monday. The firm has a market cap of $311.02 billion, a P/E ratio of 13.76, a PEG ratio of 1.52 and a beta of 1.35. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $40.34. 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 firm’s 50-day simple moving average is $38.91 and its 200-day simple moving average is $36.12.

Bank of America (NYSE:BAC) last announced 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. The business had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company’s revenue was down 1.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.94 EPS. As a group, equities analysts forecast that Bank of America Co. will post 3.22 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were given 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 yield of 2.41%. Bank of America’s dividend payout ratio (DPR) is 33.22%.

Analysts Set New Price Targets

Several equities research analysts have commented on BAC shares. Citigroup boosted their target price on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 20th. JPMorgan Chase & Co. upped their target price on shares of Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a research report on Wednesday, May 1st. Jefferies Financial Group lifted their price target on shares of Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research report on Monday, April 8th. Oppenheimer upped their price target on Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a report on Tuesday, April 30th. Finally, Wells Fargo & Company boosted their target price on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $39.79.

Bank of America Company 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.