Advisor Resource Council Decreases Stake in Bank of America Co. (NYSE:BAC)

Advisor Resource Council lessened its stake in Bank of America Co. (NYSE:BAC) by 48.3% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,268 shares of the financial services provider’s stock after selling 10,536 shares during the quarter. Advisor Resource Council’s holdings in Bank of America were worth $427,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Massachusetts Wealth Management lifted its position in shares of Bank of America by 1.3% in the first quarter. Massachusetts Wealth Management now owns 71,972 shares of the financial services provider’s stock valued at $2,729,000 after acquiring an additional 906 shares in the last quarter. Madrona Financial Services LLC raised its stake in Bank of America by 5.3% in the 1st quarter. Madrona Financial Services LLC now owns 6,463 shares of the financial services provider’s stock valued at $245,000 after purchasing an additional 328 shares during the last quarter. Abundance Wealth Counselors lifted its holdings in Bank of America by 3.7% in the 1st quarter. Abundance Wealth Counselors now owns 23,280 shares of the financial services provider’s stock valued at $883,000 after purchasing an additional 821 shares in the last quarter. Norden Group LLC boosted its stake in shares of Bank of America by 2,112.3% during the 1st quarter. Norden Group LLC now owns 905,709 shares of the financial services provider’s stock worth $34,345,000 after purchasing an additional 864,769 shares during the last quarter. Finally, Meadow Creek Wealth Advisors LLC grew its holdings in shares of Bank of America by 13.9% during the first quarter. Meadow Creek Wealth Advisors LLC now owns 10,843 shares of the financial services provider’s stock worth $411,000 after buying an additional 1,325 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Down 0.1 %

Shares of NYSE BAC opened at $40.90 on Friday. The company has a market cap of $319.85 billion, a P/E ratio of 14.15, a P/E/G ratio of 1.56 and a beta of 1.35. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $41.20. The stock has a fifty day moving average price of $39.06 and a 200 day moving average price of $36.25.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The company 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 business’s quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.94 earnings per share. Research analysts anticipate that Bank of America Co. will post 3.22 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were given a $0.24 dividend. The ex-dividend date of this dividend was Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a yield of 2.35%. Bank of America’s payout ratio is currently 33.22%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on BAC. Piper Sandler raised their target price on shares of Bank of America from $35.00 to $37.00 and gave the stock an “underweight” rating in a research report on Tuesday, June 4th. HSBC reaffirmed a “hold” rating and issued a $39.00 price objective (up previously from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. UBS Group reiterated a “neutral” rating and set a $40.00 target price (up from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Keefe, Bruyette & Woods upgraded Bank of America from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $37.00 to $46.00 in a report on Friday, June 14th. Finally, JPMorgan Chase & Co. upped 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. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and a consensus target price of $40.02.

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.