Kathmere Capital Management LLC Sells 1,645 Shares of Bank of America Corporation (NYSE:BAC)

Kathmere Capital Management LLC reduced its stake in shares of Bank of America Corporation (NYSE:BAC) by 4.9% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 32,170 shares of the financial services provider’s stock after selling 1,645 shares during the quarter. Kathmere Capital Management LLC’s holdings in Bank of America were worth $1,342,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. Graney & King LLC acquired a new stake in shares of Bank of America in the fourth quarter valued at about $25,000. Vega Investment Solutions acquired a new stake in shares of Bank of America in the fourth quarter valued at about $30,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in shares of Bank of America in the fourth quarter valued at about $31,000. Spurstone Advisory Services LLC acquired a new stake in shares of Bank of America in the fourth quarter valued at about $34,000. Finally, Glass Jacobson Investment Advisors llc grew its position in shares of Bank of America by 53.0% in the fourth quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 276 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Performance

BAC stock opened at $46.71 on Friday. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. The company has a 50 day moving average price of $44.99 and a 200 day moving average price of $43.56. Bank of America Corporation has a fifty-two week low of $33.07 and a fifty-two week high of $49.31. The stock has a market capitalization of $351.81 billion, a PE ratio of 13.90, a price-to-earnings-growth ratio of 1.28 and a beta of 1.30.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. The firm had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. Analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.23%. The ex-dividend date of this dividend was Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

Wall Street Analysts Forecast Growth

BAC has been the topic of several research analyst reports. TD Cowen initiated coverage on Bank of America in a research report on Thursday, May 15th. They issued a “buy” rating and a $53.00 price target on the stock. Wall Street Zen downgraded Bank of America from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd. Citigroup lifted their target price on Bank of America from $50.00 to $54.00 and gave the stock a “buy” rating in a research report on Thursday, June 26th. Argus decreased their target price on Bank of America from $53.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Finally, Phillip Securities raised Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, April 17th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and a consensus target price of $48.89.

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.