Congress Asset Management Co. MA cut its position in Bank of America Co. (NYSE:BAC – Free Report) by 3.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,969 shares of the financial services provider’s stock after selling 645 shares during the quarter. Congress Asset Management Co. MA’s holdings in Bank of America were worth $600,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. Legend Financial Advisors Inc. increased its stake in shares of Bank of America by 6,772.7% during the 4th quarter. Legend Financial Advisors Inc. now owns 756 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 745 shares during the last quarter. Tanglewood Legacy Advisors LLC acquired a new position in Bank of America during the fourth quarter worth approximately $26,000. Grey Fox Wealth Advisors LLC bought a new stake in Bank of America in the fourth quarter valued at approximately $35,000. Mendota Financial Group LLC acquired a new stake in shares of Bank of America in the fourth quarter valued at approximately $36,000. Finally, McElhenny Sheffield Capital Management LLC bought a new position in shares of Bank of America during the 4th quarter worth approximately $38,000. 67.34% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of research firms recently weighed in on BAC. Oppenheimer increased their price target on Bank of America from $44.00 to $47.00 and gave the company an “outperform” rating in a research note on Wednesday, April 19th. Morgan Stanley raised their target price on shares of Bank of America from $32.00 to $33.00 in a research note on Friday. The Goldman Sachs Group decreased their price target on shares of Bank of America from $39.00 to $35.00 and set a “buy” rating on the stock in a research note on Monday, April 3rd. Citigroup cut their price objective on shares of Bank of America from $38.00 to $33.00 and set a “neutral” rating for the company in a research report on Wednesday, April 19th. Finally, BMO Capital Markets decreased their target price on Bank of America from $43.00 to $41.00 and set a “market perform” rating on the stock in a research report on Wednesday, April 19th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Bank of America presently has an average rating of “Hold” and a consensus target price of $36.56.
Bank of America Trading Up 0.9 %
Bank of America (NYSE:BAC – Free Report) last posted its quarterly earnings results on Tuesday, April 18th. The financial services provider reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.11. Bank of America had a net margin of 21.85% and a return on equity of 11.72%. The business had revenue of $26.26 billion for the quarter, compared to analyst estimates of $25.28 billion. During the same quarter last year, the business posted $0.80 EPS. The firm’s revenue for the quarter was up 13.0% on a year-over-year basis. On average, analysts forecast that Bank of America Co. will post 3.4 earnings per share for the current fiscal year.
Bank of America Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 30th. Investors of record on Friday, June 2nd were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Thursday, June 1st. This represents a $0.88 annualized dividend and a dividend yield of 3.08%. Bank of America’s dividend payout ratio is currently 26.43%.
Bank of America Company 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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
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