Bank of America Corporation (NYSE:BAC) Shares Sold by SBI Securities Co. Ltd.

by · The Markets Daily

SBI Securities Co. Ltd. lessened its stake in shares of Bank of America Corporation (NYSE:BAC) by 1.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 116,294 shares of the financial services provider’s stock after selling 1,561 shares during the quarter. SBI Securities Co. Ltd.’s holdings in Bank of America were worth $4,853,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of BAC. Avalon Trust Co boosted its holdings in shares of Bank of America by 14.6% during the fourth quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider’s stock worth $76,000 after purchasing an additional 219 shares during the last quarter. TAGStone Capital Inc. boosted its holdings in shares of Bank of America by 1.2% during the fourth quarter. TAGStone Capital Inc. now owns 19,802 shares of the financial services provider’s stock worth $870,000 after purchasing an additional 227 shares during the last quarter. Hayek Kallen Investment Management boosted its holdings in shares of Bank of America by 2.0% during the fourth quarter. Hayek Kallen Investment Management now owns 12,022 shares of the financial services provider’s stock worth $528,000 after purchasing an additional 233 shares during the last quarter. Continuum Advisory LLC boosted its holdings in shares of Bank of America by 1.4% during the fourth quarter. Continuum Advisory LLC now owns 16,707 shares of the financial services provider’s stock worth $734,000 after purchasing an additional 237 shares during the last quarter. Finally, Menard Financial Group LLC boosted its holdings in shares of Bank of America by 1.2% during the fourth quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider’s stock worth $906,000 after purchasing an additional 240 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. JPMorgan Chase & Co. decreased their price objective on Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a report on Thursday, April 3rd. Robert W. Baird restated a “neutral” rating and set a $52.00 price objective on shares of Bank of America in a report on Friday, June 27th. Argus cut 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. Citigroup increased 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. Finally, HSBC lowered Bank of America from a “buy” rating to a “hold” rating and increased their target price for the stock from $47.00 to $51.00 in a research report on Monday, July 7th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $48.89.

Get Our Latest Stock Analysis on Bank of America

Bank of America Trading Down 0.6%

NYSE:BAC opened at $46.71 on Monday. The business’s 50-day moving average is $44.99 and its two-hundred day moving average is $43.55. 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 12 month low of $33.07 and a 12 month high of $49.31. The firm has a market capitalization of $351.81 billion, a PE ratio of 13.90, a price-to-earnings-growth ratio of 1.27 and a beta of 1.30.

Bank of America (NYSE:BAC – Get Free Report) last released its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The company had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Research analysts predict 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. Stockholders of record on Friday, June 6th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date was Friday, June 6th. Bank of America’s payout ratio is 30.95%.

Bank of America Profile

(Free Report)

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.

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