Patton Albertson Miller Group LLC Has $4.24 Million Stock Holdings in Bank of America Corporation (NYSE:BAC)

Patton Albertson Miller Group LLC decreased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 33.1% in the 1st quarter, HoldingsChannel reports. The firm owned 101,643 shares of the financial services provider’s stock after selling 50,334 shares during the period. Patton Albertson Miller Group LLC’s holdings in Bank of America were worth $4,242,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. Graney & King LLC acquired a new stake in Bank of America during the 4th quarter valued at $25,000. Vega Investment Solutions acquired a new stake in Bank of America during the 4th quarter valued at $30,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in Bank of America during the 4th quarter valued at $31,000. Spurstone Advisory Services LLC acquired a new stake in Bank of America during the 4th quarter valued at $34,000. Finally, Glass Jacobson Investment Advisors llc lifted its holdings in Bank of America by 53.0% during the 4th 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. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Up 2.2%

Shares of NYSE BAC opened at $47.04 on Friday. Bank of America Corporation has a 52 week low of $33.07 and a 52 week high of $49.31. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.78 and a current ratio of 0.80. The stock’s fifty day moving average is $45.42 and its 200 day moving average is $43.62. The stock has a market capitalization of $354.33 billion, a P/E ratio of 13.76, a PEG ratio of 1.26 and a beta of 1.30.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%. The firm had revenue of ($22,273.00) million for the quarter, compared to analysts’ expectations of $26.79 billion. During the same quarter in the previous year, the business posted $0.83 earnings per share. The business’s revenue for the quarter was up 4.3% on a year-over-year basis. Sell-side analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date was Friday, June 6th. Bank of America’s dividend payout ratio is presently 30.95%.

Analyst Ratings Changes

Several research firms have weighed in on BAC. Citigroup increased their price objective 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. Evercore ISI lowered their price objective on Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 1st. Oppenheimer lowered their price objective on Bank of America from $57.00 to $55.00 and set an “outperform” rating on the stock in a research report on Thursday. Cfra Research increased their price objective on Bank of America to $47.00 and gave the stock a “buy” rating in a research report on Wednesday, April 16th. Finally, The Goldman Sachs Group increased their price objective on Bank of America from $46.00 to $52.00 and gave the stock a “buy” rating in a research report on Tuesday, June 10th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $49.55.

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.