Beech Hill Advisors Inc. Lowers Stake in Bank of America Corporation (NYSE:BAC)

Beech Hill Advisors Inc. lessened its holdings in Bank of America Corporation (NYSE:BAC) by 10.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,150 shares of the financial services provider’s stock after selling 1,200 shares during the period. Beech Hill Advisors Inc.’s holdings in Bank of America were worth $424,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in the business. Graney & King LLC purchased a new position in Bank of America during the fourth quarter valued at $25,000. Fairway Wealth LLC purchased a new position in Bank of America in the 4th quarter valued at about $29,000. Vega Investment Solutions acquired a new stake in Bank of America in the 4th quarter worth about $30,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in Bank of America in the 4th quarter worth about $31,000. Finally, Spurstone Advisory Services LLC purchased a new stake in Bank of America during the 4th quarter worth approximately $34,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have weighed in on BAC shares. Cfra Research raised their price objective on Bank of America to $47.00 and gave the company a “buy” rating in a report on Wednesday, April 16th. Citigroup decreased their price target on Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, March 24th. Argus dropped their price objective on shares of Bank of America from $53.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. The Goldman Sachs Group increased their price target on Bank of America from $46.00 to $52.00 and gave the company a “buy” rating in a research report on Tuesday, June 10th. Finally, Royal Bank Of Canada dropped their target price on Bank of America from $50.00 to $45.00 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, four have given a hold rating, nineteen have assigned a buy rating and four have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $47.40.

Bank of America Stock Performance

NYSE BAC opened at $46.85 on Thursday. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. Bank of America Corporation has a 1-year low of $33.07 and a 1-year high of $48.08. The firm has a market capitalization of $352.87 billion, a P/E ratio of 13.94, a P/E/G ratio of 1.26 and a beta of 1.30. The business’s 50-day simple moving average is $42.91 and its 200-day simple moving average is $43.33.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate 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 net margin of 14.56% and a return on equity of 10.25%. Equities analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.22%. Bank of America’s dividend payout ratio (DPR) is currently 30.95%.

Bank of America 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.