New Century Financial Group LLC Has $274,000 Stake in Bank of America Co. (NYSE:BAC)

New Century Financial Group LLC lowered its stake in shares of Bank of America Co. (NYSE:BAC) by 41.4% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 6,571 shares of the financial services provider’s stock after selling 4,639 shares during the period. New Century Financial Group LLC’s holdings in Bank of America were worth $274,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BAC. CVA Family Office LLC boosted its position in Bank of America by 21.1% in the first quarter. CVA Family Office LLC now owns 8,932 shares of the financial services provider’s stock worth $373,000 after purchasing an additional 1,557 shares during the last quarter. Elevation Point Wealth Partners LLC grew its stake in Bank of America by 35.2% in the 1st quarter. Elevation Point Wealth Partners LLC now owns 5,181 shares of the financial services provider’s stock valued at $216,000 after purchasing an additional 1,348 shares during the period. Krilogy Financial LLC grew its stake in Bank of America by 18.3% in the 1st quarter. Krilogy Financial LLC now owns 39,982 shares of the financial services provider’s stock valued at $1,668,000 after purchasing an additional 6,194 shares during the period. West Branch Capital LLC grew its stake in Bank of America by 14.0% in the 1st quarter. West Branch Capital LLC now owns 59,491 shares of the financial services provider’s stock valued at $2,483,000 after purchasing an additional 7,306 shares during the period. Finally, Everhart Financial Group Inc. grew its stake in Bank of America by 4.7% in the 1st quarter. Everhart Financial Group Inc. now owns 38,717 shares of the financial services provider’s stock valued at $1,616,000 after purchasing an additional 1,726 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of NYSE BAC opened at $44.04 on Friday. The stock has a market cap of $331.67 billion, a price-to-earnings ratio of 13.68, a P/E/G ratio of 1.21 and a beta of 1.30. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 1-year low of $33.07 and a 1-year high of $48.08. The stock’s 50-day moving average is $41.50 and its 200 day moving average is $43.42.

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 company had revenue of $27.37 billion for the quarter, compared to analysts’ expectations of $26.83 billion. 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 declared 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. 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 payout ratio is 30.95%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on BAC shares. TD Cowen started coverage on Bank of America in a research note on Thursday, May 15th. They issued a “buy” rating and a $53.00 price objective for the company. Keefe, Bruyette & Woods reduced their price objective on Bank of America from $55.00 to $52.00 and set an “outperform” rating for the company in a research note on Wednesday, April 16th. UBS Group increased their price target on Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, April 16th. JPMorgan Chase & Co. cut their price target on Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a research note on Thursday, April 3rd. Finally, Wall Street Zen downgraded Bank of America from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have given a buy rating and four have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price 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.