Marshall Financial Group LLC Lowers Holdings in Bank of America Co. (NYSE:BAC)

Marshall Financial Group LLC reduced its position in shares of Bank of America Co. (NYSE:BAC) by 2.4% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 20,182 shares of the financial services provider’s stock after selling 504 shares during the quarter. Marshall Financial Group LLC’s holdings in Bank of America were worth $842,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of BAC. Avalon Trust Co grew its position in shares of Bank of America by 14.6% during the 4th quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider’s stock worth $76,000 after buying an additional 219 shares in the last quarter. Prossimo Advisors LLC grew its holdings in Bank of America by 2.5% during the 4th quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock worth $390,000 after acquiring an additional 220 shares in the last quarter. Consolidated Planning Corp increased its position in Bank of America by 2.9% during the 4th quarter. Consolidated Planning Corp now owns 8,092 shares of the financial services provider’s stock valued at $356,000 after purchasing an additional 226 shares during the period. TAGStone Capital Inc. raised its holdings in shares of Bank of America by 1.2% in the 4th quarter. TAGStone Capital Inc. now owns 19,802 shares of the financial services provider’s stock valued at $870,000 after purchasing an additional 227 shares in the last quarter. Finally, Hourglass Capital LLC raised its holdings in shares of Bank of America by 0.5% in the 4th quarter. Hourglass Capital LLC now owns 46,827 shares of the financial services provider’s stock valued at $2,058,000 after purchasing an additional 230 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Price Performance

NYSE BAC opened at $44.04 on Friday. The company has a market cap of $331.67 billion, a price-to-earnings ratio of 13.68, a PEG ratio of 1.21 and a beta of 1.30. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The stock’s fifty day moving average price is $41.50 and its 200 day moving average price is $43.42. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. As a group, equities research analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be issued a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.36%. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on BAC. Citigroup cut their price objective on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, March 24th. Phillip Securities raised Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, April 17th. The Goldman Sachs Group boosted their price target on Bank of America from $46.00 to $52.00 and gave the stock a “buy” rating in a research report on Tuesday. Truist Financial decreased their price objective on Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday, April 16th. Finally, Wall Street Zen lowered Bank of America from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have issued a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.69.

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.