Bank of America Co. (NYSE:BAC) Shares Sold by Net Worth Advisory Group

Net Worth Advisory Group lowered its position in shares of Bank of America Co. (NYSE:BAC) by 4.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,940 shares of the financial services provider’s stock after selling 469 shares during the period. Net Worth Advisory Group’s holdings in Bank of America were worth $415,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in BAC. Life Planning Partners Inc increased its position in shares of Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 545,936 shares in the last quarter. Graney & King LLC acquired a new stake in shares of Bank of America during the fourth quarter worth about $25,000. Fairway Wealth LLC acquired a new stake in shares of Bank of America during the fourth quarter worth about $29,000. Vega Investment Solutions acquired a new stake in shares of Bank of America during the fourth quarter worth about $30,000. Finally, Marshall & Sterling Wealth Advisors Inc. acquired a new stake in shares of Bank of America during the fourth quarter worth about $31,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Phillip Securities upgraded Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, April 17th. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Cowen assumed coverage on Bank of America in a research report on Wednesday, May 14th. They issued a “buy” rating on the stock. UBS Group boosted their price target on Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, April 16th. Finally, Royal Bank of Canada dropped their price target on Bank of America from $50.00 to $45.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have assigned a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $47.69.

Bank of America Stock Performance

NYSE BAC opened at $44.61 on Friday. The business’s 50 day moving average is $41.32 and its two-hundred day moving average is $43.44. The stock has a market capitalization of $336.00 billion, a price-to-earnings ratio of 13.85, a PEG ratio of 1.21 and a beta of 1.30. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 12-month low of $33.07 and a 12-month high of $48.08.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Research analysts expect that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.33%. The ex-dividend date is Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is 30.95%.

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.