Bank of America Co. (NYSE:BAC) Stake Trimmed by Private Advisor Group LLC

Private Advisor Group LLC cut its position in shares of Bank of America Co. (NYSE:BAC) by 4.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 610,256 shares of the financial services provider’s stock after selling 30,921 shares during the quarter. Private Advisor Group LLC’s holdings in Bank of America were worth $17,705,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. FNY Investment Advisers LLC boosted its position in Bank of America by 75.9% during the 2nd quarter. FNY Investment Advisers LLC now owns 920 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 397 shares during the period. Marquette Asset Management LLC boosted its holdings in shares of Bank of America by 333.2% during the second quarter. Marquette Asset Management LLC now owns 953 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 733 shares during the period. Castleview Partners LLC purchased a new position in Bank of America during the first quarter valued at approximately $28,000. Global Trust Asset Management LLC increased its stake in Bank of America by 45.7% in the 2nd quarter. Global Trust Asset Management LLC now owns 1,036 shares of the financial services provider’s stock valued at $30,000 after buying an additional 325 shares during the period. Finally, Strategic Investment Solutions Inc. IL purchased a new stake in Bank of America in the 1st quarter worth approximately $34,000. 68.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on BAC shares. Oppenheimer boosted their price target on shares of Bank of America from $48.00 to $49.00 and gave the company an “outperform” rating in a report on Wednesday, October 18th. StockNews.com initiated coverage on Bank of America in a research note on Thursday, October 5th. They set a “hold” rating for the company. Royal Bank of Canada reissued an “outperform” rating and issued a $35.00 price target on shares of Bank of America in a research note on Tuesday, September 12th. Piper Sandler cut their price objective on shares of Bank of America from $28.00 to $27.50 and set an “underweight” rating on the stock in a research report on Friday, September 15th. Finally, Morgan Stanley decreased their target price on shares of Bank of America from $34.00 to $32.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 3rd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Bank of America presently has an average rating of “Hold” and a consensus target price of $35.43.

Bank of America Stock Performance

Shares of NYSE:BAC traded down $0.31 during midday trading on Thursday, hitting $29.31. The company’s stock had a trading volume of 6,820,971 shares, compared to its average volume of 48,900,938. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $37.87. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.82 and a current ratio of 0.83. The stock has a market capitalization of $231.95 billion, a price-to-earnings ratio of 8.30, a PEG ratio of 1.15 and a beta of 1.38. The stock’s 50 day simple moving average is $27.36 and its 200 day simple moving average is $28.57.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.83 by $0.07. Bank of America had a return on equity of 12.08% and a net margin of 18.69%. The company had revenue of $25.20 billion for the quarter, compared to the consensus estimate of $25.13 billion. During the same period in the previous year, the business posted $0.81 EPS. The company’s revenue for the quarter was up 2.8% on a year-over-year basis. As a group, research analysts anticipate that Bank of America Co. will post 3.46 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date of this dividend is Thursday, November 30th. Bank of America’s dividend payout ratio (DPR) is presently 26.89%.

About Bank of America

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.