Bank of America Corporation (NYSE:BAC) Position Lessened by Axxcess Wealth Management LLC

Axxcess Wealth Management LLC trimmed its position in shares of Bank of America Corporation (NYSE:BAC) by 0.6% in the 1st quarter, Holdings Channel.com reports. The fund owned 205,936 shares of the financial services provider’s stock after selling 1,262 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Bank of America were worth $8,594,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Avalon Trust Co raised 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 acquiring an additional 219 shares in the last quarter. TAGStone Capital Inc. raised 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 acquiring an additional 227 shares in the last quarter. Hayek Kallen Investment Management raised 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 acquiring an additional 233 shares in the last quarter. Continuum Advisory LLC raised 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 acquiring an additional 237 shares in the last quarter. Finally, Menard Financial Group LLC raised 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 acquiring an additional 240 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Down 3.1%

BAC stock opened at $47.17 on Wednesday. Bank of America Corporation has a twelve month low of $33.07 and a twelve month high of $49.31. The company has a market cap of $355.28 billion, a PE ratio of 14.04, a price-to-earnings-growth ratio of 1.32 and a beta of 1.30. The business’s 50-day simple moving average is $44.60 and its 200 day simple moving average is $43.50. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates 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. On average, research analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date was Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is currently 30.95%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on BAC. Cfra Research increased their price objective on Bank of America to $47.00 and gave the stock a “buy” rating in a report on Wednesday, April 16th. Argus lowered their target price on shares of 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. Morgan Stanley increased their target price on shares of Bank of America from $47.00 to $49.00 and gave the stock an “overweight” rating in a research report on Monday, June 23rd. Wall Street Zen downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd. Finally, HSBC downgraded shares of 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. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target of $48.33.

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.