Central Valley Advisors LLC Decreases Stock Position in Bank of America Co. (NYSE:BAC)

Central Valley Advisors LLC cut its stake in Bank of America Co. (NYSE:BAC) by 4.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 26,038 shares of the financial services provider’s stock after selling 1,182 shares during the quarter. Central Valley Advisors LLC’s holdings in Bank of America were worth $1,087,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of BAC. Collier Financial purchased a new position in shares of Bank of America during the 4th quarter worth about $25,000. Life Planning Partners Inc raised its position in Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 545,936 shares during the period. Graney & King LLC bought a new stake in Bank of America in the fourth quarter worth about $25,000. Fairway Wealth LLC purchased a new position in shares of Bank of America during the fourth quarter valued at approximately $29,000. Finally, Vega Investment Solutions purchased a new position in shares of Bank of America during the fourth quarter valued at approximately $30,000. 70.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

BAC has been the topic of several recent analyst reports. TD Cowen initiated coverage on Bank of America in a report on Thursday, May 15th. They issued a “buy” rating and a $53.00 price target on the stock. Cfra Research upped their price objective on Bank of America to $47.00 and gave the company a “buy” rating in a research report on Wednesday, April 16th. Oppenheimer reiterated an “outperform” rating on shares of Bank of America in a research note on Thursday, May 22nd. Baird R W raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. Finally, UBS Group upped their price target on shares of Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have given a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $47.50.

Bank of America Stock Performance

Shares of BAC stock opened at $44.93 on Tuesday. The firm has a market cap of $338.41 billion, a price-to-earnings ratio of 13.95, a PEG ratio of 1.21 and a beta of 1.30. Bank of America Co. has a 52-week low of $33.07 and a 52-week high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The company’s 50 day moving average is $40.78 and its 200 day moving average is $43.44.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion for the quarter, compared to analysts’ expectations of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. On average, sell-side analysts anticipate that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s payout ratio is currently 30.95%.

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.