Advisor Resource Council Sells 10,536 Shares of Bank of America Co. (NYSE:BAC)

Advisor Resource Council trimmed its holdings in shares of Bank of America Co. (NYSE:BAC) by 48.3% in the first quarter, HoldingsChannel reports. The institutional investor owned 11,268 shares of the financial services provider’s stock after selling 10,536 shares during the quarter. Advisor Resource Council’s holdings in Bank of America were worth $427,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of BAC. Alps Advisors Inc. raised its position in shares of Bank of America by 4.0% in the 3rd quarter. Alps Advisors Inc. now owns 34,540 shares of the financial services provider’s stock valued at $946,000 after acquiring an additional 1,333 shares during the period. Schroder Investment Management Group increased its position in shares of Bank of America by 2.5% in the 3rd quarter. Schroder Investment Management Group now owns 4,230,403 shares of the financial services provider’s stock valued at $115,828,000 after buying an additional 103,325 shares in the last quarter. Redwood Grove Capital LLC raised its stake in Bank of America by 6.5% during the 3rd quarter. Redwood Grove Capital LLC now owns 325,700 shares of the financial services provider’s stock worth $8,918,000 after buying an additional 20,000 shares during the period. Royal London Asset Management Ltd. lifted its holdings in Bank of America by 3.6% during the third quarter. Royal London Asset Management Ltd. now owns 2,843,772 shares of the financial services provider’s stock worth $77,848,000 after acquiring an additional 99,146 shares in the last quarter. Finally, Cito Capital Group LLC grew its stake in Bank of America by 1.9% in the third quarter. Cito Capital Group LLC now owns 52,370 shares of the financial services provider’s stock valued at $1,434,000 after acquiring an additional 1,000 shares during the period. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Performance

NYSE BAC opened at $40.90 on Friday. The firm has a market capitalization of $319.85 billion, a P/E ratio of 14.15, a price-to-earnings-growth ratio of 1.56 and a beta of 1.35. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm’s fifty day moving average price is $39.06 and its two-hundred day moving average price is $36.25. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $41.20.

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. As a group, research analysts anticipate that Bank of America Co. will post 3.22 EPS for the current 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 of this dividend was Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.35%. Bank of America’s payout ratio is 33.22%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Oppenheimer lifted their price objective on Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Tuesday, April 30th. Piper Sandler upped their price target on shares of Bank of America from $35.00 to $37.00 and gave the company an “underweight” rating in a report on Tuesday, June 4th. Evercore ISI raised their price objective on shares of Bank of America from $41.00 to $43.00 and gave the stock an “outperform” rating in a report on Wednesday. StockNews.com lowered shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Monday, May 20th. Finally, Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $40.02.

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.