Bank of America Co. (NYSE:BAC) Shares Sold by Modus Advisors LLC

Modus Advisors LLC lessened its holdings in Bank of America Co. (NYSE:BAC) by 7.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 6,024 shares of the financial services provider’s stock after selling 496 shares during the quarter. Modus Advisors LLC’s holdings in Bank of America were worth $228,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of BAC. Ethos Financial Group LLC lifted its holdings in shares of Bank of America by 6.2% in the 4th quarter. Ethos Financial Group LLC now owns 8,452 shares of the financial services provider’s stock valued at $285,000 after buying an additional 492 shares during the period. Auxano Advisors LLC lifted its stake in shares of Bank of America by 234.5% in the 4th quarter. Auxano Advisors LLC now owns 27,356 shares of the financial services provider’s stock valued at $921,000 after purchasing an additional 19,179 shares during the period. Stonebridge Capital Advisors LLC boosted its holdings in Bank of America by 3.7% during the third quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock worth $1,793,000 after buying an additional 2,332 shares in the last quarter. Kingswood Wealth Advisors LLC grew its position in shares of Bank of America by 228.3% during the 4th quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock valued at $2,273,000 after acquiring an additional 46,950 shares during the period. Finally, DiNuzzo Private Wealth Inc. purchased a new stake in Bank of America in the 4th quarter worth $105,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Up 1.1 %

BAC stock traded up $0.43 during midday trading on Tuesday, reaching $39.94. 15,651,003 shares of the company were exchanged, compared to its average volume of 38,695,121. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $40.19. The company has a market cap of $312.35 billion, a price-to-earnings ratio of 13.80, a price-to-earnings-growth ratio of 1.75 and a beta of 1.36. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The stock’s 50-day simple moving average is $38.27 and its 200 day simple moving average is $35.57.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.06. The business had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company’s revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.94 earnings per share. On average, equities analysts forecast that Bank of America Co. will post 3.21 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.40%. Bank of America’s dividend payout ratio (DPR) is currently 33.22%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on BAC. JPMorgan Chase & Co. boosted their price target on shares of Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a research report on Wednesday, May 1st. Evercore ISI increased their price target on shares of Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research note on Thursday, April 4th. Oppenheimer increased their price objective on Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 30th. Keefe, Bruyette & Woods raised Bank of America from a “market perform” rating to an “outperform” rating and upped their price target for the company from $37.00 to $46.00 in a research note on Friday. Finally, Jefferies Financial Group lifted their target price 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. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, Bank of America currently has a consensus rating of “Hold” and a consensus target price of $39.79.

Bank of America 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.