Marshall Financial Group LLC Has $800,000 Stake in Bank of America Co. (NYSE:BAC)

Marshall Financial Group LLC decreased its position in Bank of America Co. (NYSE:BAC) by 5.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 21,110 shares of the financial services provider’s stock after selling 1,200 shares during the quarter. Marshall Financial Group LLC’s holdings in Bank of America were worth $800,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. American National Bank & Trust Co. VA acquired a new stake in shares of Bank of America in the first quarter valued at about $1,322,000. Powers Advisory Group LLC increased its position in shares of Bank of America by 30.3% in the first quarter. Powers Advisory Group LLC now owns 8,888 shares of the financial services provider’s stock valued at $337,000 after acquiring an additional 2,069 shares during the last quarter. Core Wealth Partners LLC acquired a new stake in shares of Bank of America in the first quarter valued at about $217,000. First Trust Direct Indexing L.P. increased its position in shares of Bank of America by 10.7% in the first quarter. First Trust Direct Indexing L.P. now owns 154,881 shares of the financial services provider’s stock valued at $5,873,000 after acquiring an additional 14,951 shares during the last quarter. Finally, Massachusetts Wealth Management increased its position in shares of Bank of America by 1.3% in the first quarter. Massachusetts Wealth Management now owns 71,972 shares of the financial services provider’s stock valued at $2,729,000 after acquiring an additional 906 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC opened at $40.90 on Friday. The stock 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 firm’s fifty day simple moving average is $39.12 and its two-hundred day simple moving average is $36.28. 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 12 month low of $24.96 and a 12 month 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 (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The company had revenue of $25.82 billion for 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 business’s revenue was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.94 EPS. As a group, analysts predict that Bank of America Co. will post 3.22 EPS for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were issued 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 dividend payout ratio is presently 33.22%.

Analyst Ratings Changes

A number of research firms recently commented on BAC. HSBC reiterated a “hold” rating and set a $39.00 price target (up previously from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Seaport Res Ptn upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday. Wells Fargo & Company boosted their price target on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. UBS Group restated a “neutral” rating and set a $40.00 price objective (up from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Finally, Wolfe Research upgraded shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price target for the company in a report on Friday, April 19th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $40.02.

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.