Tritonpoint Wealth LLC Sells 613 Shares of Bank of America Co. (NYSE:BAC)

Tritonpoint Wealth LLC trimmed its position in Bank of America Co. (NYSE:BAC) by 0.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 71,150 shares of the financial services provider’s stock after selling 613 shares during the quarter. Tritonpoint Wealth LLC’s holdings in Bank of America were worth $2,969,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Life Planning Partners Inc increased its stake in Bank of America by 3,883.2% in the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 545,936 shares during the last quarter. Graney & King LLC acquired a new stake in Bank of America in the fourth quarter valued at approximately $25,000. Fairway Wealth LLC acquired a new stake in Bank of America in the fourth quarter valued at approximately $29,000. Vega Investment Solutions acquired a new stake in Bank of America in the fourth quarter valued at approximately $30,000. Finally, Marshall & Sterling Wealth Advisors Inc. acquired a new stake in Bank of America in the fourth quarter valued at approximately $31,000. 70.71% of the stock is owned by institutional investors.

Bank of America Trading Down 1.3%

BAC opened at $44.04 on Friday. Bank of America Co. has a 1-year low of $33.07 and a 1-year high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a market cap of $331.67 billion, a P/E ratio of 13.68, a price-to-earnings-growth ratio of 1.21 and a beta of 1.30. The company has a fifty day moving average price of $41.50 and a two-hundred day moving average price of $43.42.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.10. The firm had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.36%. The ex-dividend date is Friday, June 6th. Bank of America’s payout ratio is presently 30.95%.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. UBS Group raised their target price on shares of Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, April 16th. The Goldman Sachs Group lifted their price target on shares of Bank of America from $46.00 to $52.00 and gave the stock a “buy” rating in a report on Tuesday. Evercore ISI cut their price target on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a report on Tuesday, April 1st. Argus cut their price target on shares of Bank of America from $53.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. Finally, Keefe, Bruyette & Woods cut their price target on shares of Bank of America from $55.00 to $52.00 and set an “outperform” rating on the stock in a report on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have given a buy rating and four have given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $47.69.

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. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.