Brookstone Capital Management Sells 7,721 Shares of Bank of America Co. (NYSE:BAC)

Brookstone Capital Management decreased its position in Bank of America Co. (NYSE:BACGet Rating) by 10.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 69,875 shares of the financial services provider’s stock after selling 7,721 shares during the quarter. Brookstone Capital Management’s holdings in Bank of America were worth $2,766,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Bromfield Sneider Wealth Advisors purchased a new stake in shares of Bank of America during the first quarter valued at $26,000. Bivin & Associates Inc. bought a new stake in Bank of America during the 4th quarter valued at approximately $28,000. Cassady Schiller Wealth Management LLC bought a new stake in Bank of America during the 4th quarter valued at approximately $39,000. Crewe Advisors LLC raised its stake in Bank of America by 198.0% during the 4th quarter. Crewe Advisors LLC now owns 894 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 594 shares during the period. Finally, Country Trust Bank raised its stake in Bank of America by 51.4% during the 4th quarter. Country Trust Bank now owns 945 shares of the financial services provider’s stock valued at $42,000 after purchasing an additional 321 shares during the period. Institutional investors and hedge funds own 70.46% of the company’s stock.

A number of analysts have issued reports on BAC shares. Oppenheimer reduced their price objective on Bank of America from $52.00 to $50.00 in a research note on Tuesday, May 3rd. StockNews.com started coverage on Bank of America in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. Robert W. Baird raised Bank of America from an “underperform” rating to a “neutral” rating and set a $42.00 price objective on the stock in a research note on Tuesday, March 8th. Royal Bank of Canada dropped their target price on Bank of America from $51.00 to $45.00 in a report on Tuesday, June 14th. Finally, BMO Capital Markets dropped their target price on Bank of America from $48.00 to $46.00 and set a “market perform” rating for the company in a report on Tuesday, April 19th. Eight equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $50.10.

Shares of NYSE BAC opened at $32.60 on Thursday. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 1.16. The business has a fifty day simple moving average of $35.77 and a two-hundred day simple moving average of $41.44. The firm has a market cap of $262.65 billion, a PE ratio of 9.31, a price-to-earnings-growth ratio of 1.40 and a beta of 1.38. Bank of America Co. has a twelve month low of $30.86 and a twelve month high of $50.11.

Bank of America (NYSE:BACGet Rating) last issued its earnings results on Monday, April 18th. The financial services provider reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.04. The business had revenue of $23.20 billion during the quarter, compared to analyst estimates of $23.09 billion. Bank of America had a return on equity of 12.55% and a net margin of 32.84%. Bank of America’s revenue was up 1.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.86 EPS. On average, research analysts expect that Bank of America Co. will post 3.34 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, June 24th. Stockholders of record on Friday, June 3rd will be given a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 2.58%. The ex-dividend date of this dividend is Thursday, June 2nd. Bank of America’s payout ratio is 24.00%.

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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