First Dallas Securities Inc. trimmed its holdings in Bank of America (NYSE:BAC) by 2.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 119,038 shares of the financial services provider’s stock after selling 3,189 shares during the period. Bank of America comprises approximately 2.3% of First Dallas Securities Inc.’s holdings, making the stock its 9th largest holding. First Dallas Securities Inc.’s holdings in Bank of America were worth $3,570,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also made changes to their positions in the business. Burt Wealth Advisors raised its position in shares of Bank of America by 4,013.1% during the 3rd quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock valued at $112,000 after acquiring an additional 4,294 shares in the last quarter. HWG Holdings LP acquired a new stake in shares of Bank of America during the 3rd quarter valued at approximately $116,000. Avestar Capital LLC acquired a new stake in shares of Bank of America during the 4th quarter valued at approximately $135,000. Gradient Investments LLC acquired a new stake in shares of Bank of America during the 4th quarter valued at approximately $150,000. Finally, Taylor Hoffman Wealth Management acquired a new stake in shares of Bank of America during the 4th quarter valued at approximately $151,000. 69.87% of the stock is currently owned by institutional investors.
Several equities research analysts recently issued reports on the company. BMO Capital Markets upped their price target on Bank of America to $34.00 and gave the company an “average” rating in a research report on Thursday, January 18th. They noted that the move was a valuation call. Keefe, Bruyette & Woods reissued a “buy” rating and set a $35.00 price target on shares of Bank of America in a research report on Thursday, April 5th. Morgan Stanley upped their price target on Bank of America from $35.00 to $37.00 and gave the company an “overweight” rating in a research report on Friday, February 2nd. Vining Sparks assumed coverage on Bank of America in a research report on Monday, April 16th. They set a “buy” rating and a $35.00 price target on the stock. Finally, ValuEngine raised Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Nine equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $32.13.
Shares of Bank of America opened at $30.81 on Friday, according to MarketBeat. The firm has a market cap of $318.17 billion, a P/E ratio of 16.84, a P/E/G ratio of 1.52 and a beta of 1.37. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.96. Bank of America has a 12 month low of $31.02 and a 12 month high of $31.24.
Bank of America (NYSE:BAC) last released its quarterly earnings results on Monday, April 16th. The financial services provider reported $0.62 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.59 by $0.03. Bank of America had a return on equity of 9.40% and a net margin of 19.65%. The company had revenue of $23.10 billion during the quarter, compared to analysts’ expectations of $23.04 billion. During the same quarter in the prior year, the business posted $0.41 earnings per share. The company’s revenue for the quarter was up 4.1% compared to the same quarter last year. equities analysts forecast that Bank of America will post 2.55 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 29th. Stockholders of record on Friday, June 1st will be paid a $0.12 dividend. The ex-dividend date of this dividend is Thursday, May 31st. This represents a $0.48 annualized dividend and a dividend yield of 1.56%. Bank of America’s payout ratio is 26.23%.
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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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