Bridgewealth Advisory Group LLC Has $534,000 Stake in Bank of America Co. (NYSE:BAC)

Bridgewealth Advisory Group LLC reduced its stake in shares of Bank of America Co. (NYSE:BAC) by 10.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 14,090 shares of the financial services provider’s stock after selling 1,616 shares during the quarter. Bridgewealth Advisory Group LLC’s holdings in Bank of America were worth $534,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the stock. Consilio Wealth Advisors LLC bought a new position in Bank of America during the first quarter worth about $279,000. O ROURKE & COMPANY Inc lifted its holdings in shares of Bank of America by 4.0% during the 1st quarter. O ROURKE & COMPANY Inc now owns 12,475 shares of the financial services provider’s stock valued at $473,000 after purchasing an additional 476 shares in the last quarter. Claro Advisors LLC grew its position in shares of Bank of America by 5.1% in the 1st quarter. Claro Advisors LLC now owns 57,442 shares of the financial services provider’s stock valued at $2,178,000 after purchasing an additional 2,793 shares during the period. Miracle Mile Advisors LLC increased its stake in Bank of America by 2.1% during the 1st quarter. Miracle Mile Advisors LLC now owns 19,229 shares of the financial services provider’s stock worth $729,000 after purchasing an additional 388 shares in the last quarter. Finally, Kowal Investment Group LLC raised its holdings in Bank of America by 21.2% during the 1st quarter. Kowal Investment Group LLC now owns 14,578 shares of the financial services provider’s stock worth $553,000 after buying an additional 2,548 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Up 0.6 %

Shares of NYSE:BAC traded up $0.24 during midday trading on Monday, hitting $40.01. The stock had a trading volume of 26,766,562 shares, compared to its average volume of 38,869,418. The company has a market cap of $312.89 billion, a P/E ratio of 13.84, a PEG ratio of 1.52 and a beta of 1.35. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $40.34. The business’s 50-day simple moving average is $38.91 and its 200-day simple moving average is $36.12. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. During the same period in the previous year, the business earned $0.94 EPS. Bank of America’s revenue for the quarter was down 1.7% compared to the same quarter last year. On average, sell-side analysts forecast that Bank of America Co. will post 3.22 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were given a $0.24 dividend. The ex-dividend date was Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.40%. Bank of America’s payout ratio is 33.22%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on BAC shares. Jefferies Financial Group upped their price target on shares of Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a report on Monday, April 8th. Wells Fargo & Company increased their target price on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Evercore ISI lifted their price target on Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research note on Thursday, April 4th. JPMorgan Chase & Co. upped their price objective on Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a research report on Wednesday, May 1st. Finally, HSBC reissued a “hold” rating and issued a $39.00 target price (up previously from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, Bank of America presently has a consensus rating of “Hold” and a consensus target price of $39.79.

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. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.