Bank of Stockton Sells 500 Shares of Bank of America Corporation (NYSE:BAC)

Bank of Stockton reduced its holdings in shares of Bank of America Corporation (NYSE:BAC) by 2.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 16,730 shares of the financial services provider’s stock after selling 500 shares during the period. Bank of Stockton’s holdings in Bank of America were worth $698,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Graney & King LLC bought a new position in shares of Bank of America during the 4th quarter worth approximately $25,000. Fairway Wealth LLC acquired a new position in Bank of America during the fourth quarter worth $29,000. Vega Investment Solutions acquired a new position in Bank of America during the fourth quarter worth $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in shares of Bank of America during the fourth quarter valued at $31,000. Finally, Spurstone Advisory Services LLC acquired a new stake in shares of Bank of America in the 4th quarter valued at $34,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 0.4%

NYSE:BAC opened at $46.85 on Thursday. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11. Bank of America Corporation has a 1-year low of $33.07 and a 1-year high of $48.08. The firm has a market capitalization of $352.87 billion, a price-to-earnings ratio of 13.94, a PEG ratio of 1.26 and a beta of 1.30. The business’s 50-day moving average price is $42.91 and its two-hundred day moving average price is $43.33.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. On average, equities analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.22%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s payout ratio is presently 30.95%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on BAC. UBS Group increased their target price on shares of Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, April 16th. Argus dropped their price objective on shares of Bank of America from $53.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. Citigroup cut their target price on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a research note on Monday, March 24th. TD Cowen initiated coverage on Bank of America in a report on Thursday, May 15th. They set a “buy” rating and a $53.00 price target for the company. Finally, Morgan Stanley increased their target price on Bank of America from $47.00 to $49.00 and gave the stock an “overweight” rating in a report on Monday. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, nineteen have given a buy rating and four have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $47.40.

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.