Brighton Jones LLC Sells 965 Shares of Bank of America Co. (NYSE:BAC)

Brighton Jones LLC cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 0.9% during the first quarter, Holdings Channel.com reports. The fund owned 107,907 shares of the financial services provider’s stock after selling 965 shares during the period. Brighton Jones LLC’s holdings in Bank of America were worth $4,503,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Exchange Traded Concepts LLC grew its position in shares of Bank of America by 64.9% during the first quarter. Exchange Traded Concepts LLC now owns 5,534 shares of the financial services provider’s stock valued at $231,000 after purchasing an additional 2,179 shares in the last quarter. Atlas Private Wealth Advisors grew its position in shares of Bank of America by 21.7% during the first quarter. Atlas Private Wealth Advisors now owns 8,720 shares of the financial services provider’s stock valued at $364,000 after purchasing an additional 1,552 shares in the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH grew its position in shares of Bank of America by 5.7% during the first quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 904,206 shares of the financial services provider’s stock valued at $37,733,000 after purchasing an additional 48,677 shares in the last quarter. Prentice Wealth Management LLC grew its position in shares of Bank of America by 2.5% during the first quarter. Prentice Wealth Management LLC now owns 18,610 shares of the financial services provider’s stock valued at $777,000 after purchasing an additional 460 shares in the last quarter. Finally, Ritholtz Wealth Management grew its position in shares of Bank of America by 1.4% during the first quarter. Ritholtz Wealth Management now owns 183,019 shares of the financial services provider’s stock valued at $7,637,000 after purchasing an additional 2,487 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on BAC. TD Cowen began coverage on Bank of America in a research report on Thursday, May 15th. They set a “buy” rating and a $53.00 price objective for the company. Royal Bank of Canada dropped their price target on Bank of America from $50.00 to $45.00 and set an “outperform” rating for the company in a research report on Wednesday, April 16th. Citigroup dropped their price target on Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, March 24th. Barclays dropped their price target on Bank of America from $58.00 to $54.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Finally, Phillip Securities upgraded Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, April 17th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have issued a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $47.69.

Bank of America Stock Performance

Shares of BAC stock opened at $44.04 on Friday. The firm has a market capitalization of $331.67 billion, a price-to-earnings ratio of 13.68, a price-to-earnings-growth ratio of 1.21 and a beta of 1.30. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The business has a fifty day moving average of $41.50 and a 200 day moving average of $43.39. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. The company had revenue of $27.37 billion during 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%. As a group, research analysts expect that Bank of America Co. will post 3.7 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, June 27th. Shareholders 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 yield of 2.36%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s dividend payout ratio is currently 30.95%.

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.