Bank of America Co. (NYSE:BAC) Shares Sold by Brio Consultants LLC

Brio Consultants LLC cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 40.8% during the second quarter, HoldingsChannel.com reports. The firm owned 7,099 shares of the financial services provider’s stock after selling 4,901 shares during the period. Brio Consultants LLC’s holdings in Bank of America were worth $219,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Cardinal Capital Management Inc. increased its position in shares of Bank of America by 6.7% in the 2nd quarter. Cardinal Capital Management Inc. now owns 679,027 shares of the financial services provider’s stock valued at $21,138,000 after acquiring an additional 42,582 shares during the period. Gleason Group Inc. increased its position in shares of Bank of America by 0.7% in the 2nd quarter. Gleason Group Inc. now owns 92,899 shares of the financial services provider’s stock valued at $2,892,000 after acquiring an additional 614 shares during the period. Boenning & Scattergood Inc. increased its position in shares of Bank of America by 16.8% in the 2nd quarter. Boenning & Scattergood Inc. now owns 140,214 shares of the financial services provider’s stock valued at $4,365,000 after acquiring an additional 20,206 shares during the period. Flagship Harbor Advisors LLC increased its position in shares of Bank of America by 38.0% in the 2nd quarter. Flagship Harbor Advisors LLC now owns 59,918 shares of the financial services provider’s stock valued at $1,865,000 after acquiring an additional 16,485 shares during the period. Finally, IMS Capital Management increased its position in shares of Bank of America by 38.4% in the 2nd quarter. IMS Capital Management now owns 24,882 shares of the financial services provider’s stock valued at $775,000 after acquiring an additional 6,902 shares during the period. 68.48% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BAC has been the topic of several research reports. Royal Bank of Canada cut their target price on Bank of America from $45.00 to $40.00 in a research report on Tuesday, July 19th. Credit Suisse Group cut their price target on Bank of America from $45.00 to $43.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 19th. Piper Sandler cut their price target on Bank of America from $51.00 to $47.00 and set an “overweight” rating on the stock in a research report on Friday, July 1st. Deutsche Bank Aktiengesellschaft cut their price target on Bank of America from $51.00 to $45.00 and set a “buy” rating on the stock in a research report on Monday, September 12th. Finally, Wells Fargo & Company cut their price target on Bank of America from $66.00 to $55.00 and set an “overweight” rating on the stock in a research report on Friday, July 1st. Six equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $46.58.

Bank of America Trading Down 2.0 %

Shares of Bank of America stock opened at $32.50 on Friday. The firm has a market capitalization of $261.15 billion, a PE ratio of 10.16, a P/E/G ratio of 1.48 and a beta of 1.37. Bank of America Co. has a twelve month low of $29.67 and a twelve month high of $50.11. The firm’s 50-day moving average price is $34.13 and its 200 day moving average price is $35.84. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 1.15.

Bank of America (NYSE:BACGet Rating) last issued its quarterly earnings results on Monday, July 18th. The financial services provider reported $0.73 earnings per share for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.04). The company had revenue of $22.69 billion during the quarter, compared to analysts’ expectations of $22.79 billion. Bank of America had a net margin of 28.89% and a return on equity of 11.51%. The company’s quarterly revenue was up 5.7% compared to the same quarter last year. During the same period in the prior year, the business posted $1.03 earnings per share. On average, sell-side analysts predict that Bank of America Co. will post 3.2 EPS for the current fiscal year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 2nd will be paid a $0.22 dividend. The ex-dividend date of this dividend is Thursday, September 1st. This is a positive change from Bank of America’s previous quarterly dividend of $0.21. This represents a $0.88 dividend on an annualized basis and a yield of 2.71%. Bank of America’s dividend payout ratio (DPR) is currently 27.50%.

About Bank of America

(Get Rating)

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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