Tocqueville Asset Management L.P. cut its stake in shares of Bank of America Corp (NYSE:BAC) by 15.2% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 1,604,029 shares of the financial services provider’s stock after selling 287,336 shares during the period. Tocqueville Asset Management L.P.’s holdings in Bank of America were worth $44,255,000 at the end of the most recent quarter.
A number of other large investors also recently bought and sold shares of BAC. CNB Bank raised its position in shares of Bank of America by 188.4% in the first quarter. CNB Bank now owns 949 shares of the financial services provider’s stock valued at $26,000 after buying an additional 620 shares during the last quarter. Cranbrook Wealth Management LLC raised its position in shares of Bank of America by 86.1% in the fourth quarter. Cranbrook Wealth Management LLC now owns 1,081 shares of the financial services provider’s stock valued at $27,000 after buying an additional 500 shares during the last quarter. Paragon Capital Management LLC acquired a new stake in shares of Bank of America in the first quarter valued at about $33,000. Karp Capital Management Corp acquired a new stake in shares of Bank of America in the fourth quarter valued at about $31,000. Finally, Semmax Financial Advisors Inc. acquired a new stake in shares of Bank of America in the fourth quarter valued at about $34,000. Institutional investors own 68.24% of the company’s stock.
Shares of BAC traded down $0.03 during mid-day trading on Friday, reaching $27.91. The stock had a trading volume of 15,039,344 shares, compared to its average volume of 43,846,552. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.96. Bank of America Corp has a 52-week low of $22.66 and a 52-week high of $31.91. The firm has a market capitalization of $265.75 billion, a P/E ratio of 10.69, a P/E/G ratio of 1.09 and a beta of 1.54.
Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.65 by $0.05. Bank of America had a net margin of 25.42% and a return on equity of 11.79%. The firm had revenue of $23 billion during the quarter, compared to analyst estimates of $23.24 billion. During the same quarter in the prior year, the firm posted $0.62 earnings per share. Bank of America’s quarterly revenue was down .4% on a year-over-year basis. Equities research analysts predict that Bank of America Corp will post 2.85 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.15%. The ex-dividend date is Thursday, June 6th. Bank of America’s dividend payout ratio is currently 22.99%.
A number of brokerages have recently commented on BAC. ValuEngine cut shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Monday, May 13th. Atlantic Securities lowered shares of Bank of America from an “overweight” rating to a “neutral” rating and set a $30.81 price objective for the company. in a report on Tuesday, April 30th. BMO Capital Markets upped their price objective on shares of Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a report on Wednesday, April 17th. Jefferies Financial Group lowered shares of Bank of America from a “buy” rating to a “hold” rating and set a $32.00 price objective for the company. in a report on Wednesday, April 17th. Finally, HSBC assumed coverage on shares of Bank of America in a report on Thursday, April 4th. They issued a “hold” rating and a $29.00 price objective for the company. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $32.98.
In other Bank of America news, insider Dean C. Athanasia sold 129,615 shares of the stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $29.78, for a total transaction of $3,859,934.70. Following the completion of the transaction, the insider now owns 243,617 shares of the company’s stock, valued at $7,254,914.26. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.17% of the company’s stock.
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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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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