HFG Advisors Inc. Lowers Position in Bank of America Co. (NYSE:BAC)

HFG Advisors Inc. cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 15.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 6,880 shares of the financial services provider’s stock after selling 1,234 shares during the quarter. HFG Advisors Inc.’s holdings in Bank of America were worth $261,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Rossmore Private Capital increased its position in Bank of America by 1.2% in the 4th quarter. Rossmore Private Capital now owns 26,537 shares of the financial services provider’s stock valued at $894,000 after acquiring an additional 303 shares during the period. Chemistry Wealth Management LLC increased its position in Bank of America by 0.3% in the 1st quarter. Chemistry Wealth Management LLC now owns 109,541 shares of the financial services provider’s stock valued at $4,154,000 after acquiring an additional 310 shares during the period. Regent Peak Wealth Advisors LLC increased its position in Bank of America by 3.2% in the 4th quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock valued at $336,000 after acquiring an additional 314 shares during the period. Kennedy Investment Group increased its position in Bank of America by 0.6% in the 4th quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock valued at $1,953,000 after acquiring an additional 321 shares during the period. Finally, Private Ocean LLC increased its position in Bank of America by 34.0% in the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 325 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Up 0.4 %

Shares of BAC traded up $0.14 during mid-day trading on Monday, reaching $39.91. The company’s stock had a trading volume of 15,410,274 shares, compared to its average volume of 38,778,586. The business has a fifty day moving average of $38.91 and a 200 day moving average of $36.12. The company has a market cap of $312.11 billion, a price-to-earnings ratio of 13.82, a price-to-earnings-growth ratio of 1.52 and a beta of 1.35. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $40.34. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. During the same quarter in the prior year, the company earned $0.94 earnings per share. The company’s revenue for the quarter was down 1.7% on a year-over-year basis. As a group, analysts forecast that Bank of America Co. will post 3.22 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were issued a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.41%. Bank of America’s dividend payout ratio is 33.22%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on BAC shares. Wolfe Research raised Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price target for the company in a research note on Friday, April 19th. JPMorgan Chase & Co. increased their price target on Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a research note on Wednesday, May 1st. BMO Capital Markets increased their price target on Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research note on Thursday, April 18th. Citigroup increased their price target on Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, March 20th. Finally, Evercore ISI raised their price objective on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research note on Thursday, April 4th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $39.79.

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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.