Bank of America Corporation (NYSE:BAC) Shares Sold by Loring Wolcott & Coolidge Fiduciary Advisors LLP MA

Loring Wolcott & Coolidge Fiduciary Advisors LLP MA trimmed its holdings in shares of Bank of America Corporation (NYSE:BAC) by 0.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 175,832 shares of the financial services provider’s stock after selling 690 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA’s holdings in Bank of America were worth $6,813,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the stock. Graney & King LLC purchased a new stake in shares of Bank of America during the 4th quarter valued at about $25,000. Fairway Wealth LLC acquired a new stake in Bank of America in the fourth quarter valued at approximately $29,000. Vega Investment Solutions purchased a new stake in shares of Bank of America during the fourth quarter valued at approximately $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in shares of Bank of America during the fourth quarter valued at approximately $31,000. Finally, Spurstone Advisory Services LLC acquired a new position in shares of Bank of America during the fourth quarter worth $34,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of BAC stock opened at $47.51 on Friday. The company has a market cap of $357.83 billion, a P/E ratio of 14.14, a PEG ratio of 1.27 and a beta of 1.30. The business has a 50 day moving average of $43.12 and a two-hundred day moving average of $43.34. Bank of America Corporation 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 0.79 and a debt-to-equity ratio of 1.11.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The business had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. As a group, analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The company also recently disclosed 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 dividend on an annualized basis and a dividend yield of 2.19%. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of recent analyst reports. Royal Bank Of Canada lowered their price target on shares of Bank of America from $50.00 to $45.00 and set an “outperform” rating for the company in a report on Wednesday, April 16th. Morgan Stanley raised their target price on Bank of America from $47.00 to $49.00 and gave the company an “overweight” rating in a research note on Monday. Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Citigroup boosted their price target on Bank of America from $50.00 to $54.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Argus lowered their price objective on Bank of America from $53.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, nineteen have given a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $47.56.

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.