Allen Mooney & Barnes Investment Advisors LLC Sells 1,464 Shares of Bank of America Co. (NYSE:BAC)

Allen Mooney & Barnes Investment Advisors LLC cut its holdings in Bank of America Co. (NYSE:BAC) by 7.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 19,089 shares of the financial services provider’s stock after selling 1,464 shares during the period. Allen Mooney & Barnes Investment Advisors LLC’s holdings in Bank of America were worth $694,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Navalign LLC lifted its stake in Bank of America by 4.7% in the first quarter. Navalign LLC now owns 28,777 shares of the financial services provider’s stock worth $1,091,000 after purchasing an additional 1,299 shares during the last quarter. Global Assets Advisory LLC bought a new stake in Bank of America in the first quarter worth $1,682,000. Range Financial Group LLC bought a new stake in Bank of America in the first quarter worth $289,000. Lloyd Advisory Services LLC. bought a new stake in Bank of America in the first quarter worth $209,000. Finally, AdvisorNet Financial Inc lifted its stake in Bank of America by 10.5% in the first quarter. AdvisorNet Financial Inc now owns 21,511 shares of the financial services provider’s stock worth $816,000 after purchasing an additional 2,039 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Up 1.3 %

BAC opened at $40.02 on Tuesday. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $40.34. The company has a market capitalization of $312.97 billion, a PE ratio of 13.85, a PEG ratio of 1.76 and a beta of 1.36. The firm’s 50 day simple moving average is $38.61 and its two-hundred day simple moving average is $35.89.

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

Bank of America Announces Dividend

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

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of analyst reports. Evercore ISI boosted their price objective on shares of Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Piper Sandler boosted their price objective on shares of Bank of America from $35.00 to $37.00 and gave the company an “underweight” rating in a research report on Tuesday, June 4th. UBS Group restated a “neutral” rating and issued a $40.00 price objective (up previously from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Finally, Jefferies Financial Group boosted their price target on shares of Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research report on Monday, April 8th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Bank of America currently has an average rating of “Hold” and an average target price of $39.79.

About Bank of America

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.