Edge Wealth Management LLC Sells 499 Shares of Bank of America Co. (NYSE:BAC)

Edge Wealth Management LLC reduced its holdings in Bank of America Co. (NYSE:BAC) by 2.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 21,827 shares of the financial services provider’s stock after selling 499 shares during the quarter. Edge Wealth Management LLC’s holdings in Bank of America were worth $911,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Brighton Jones LLC grew its holdings in shares of Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after buying an additional 25,143 shares in the last quarter. Tectonic Advisors LLC grew its holdings in shares of Bank of America by 16.8% during the fourth quarter. Tectonic Advisors LLC now owns 28,999 shares of the financial services provider’s stock worth $1,274,000 after buying an additional 4,163 shares in the last quarter. Syntegra Private Wealth Group LLC bought a new position in shares of Bank of America during the fourth quarter worth about $230,000. Onyx Bridge Wealth Group LLC grew its holdings in shares of Bank of America by 4.8% during the fourth quarter. Onyx Bridge Wealth Group LLC now owns 10,305 shares of the financial services provider’s stock worth $453,000 after buying an additional 476 shares in the last quarter. Finally, Benchmark Financial Wealth Advisors LLC grew its holdings in shares of Bank of America by 8.5% during the fourth quarter. Benchmark Financial Wealth Advisors LLC now owns 21,165 shares of the financial services provider’s stock worth $930,000 after buying an additional 1,663 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Performance

NYSE:BAC opened at $44.35 on Friday. The stock has a market cap of $334.05 billion, a P/E ratio of 13.77, a PEG ratio of 1.21 and a beta of 1.27. The stock has a 50 day simple moving average of $40.64 and a 200 day simple moving average of $43.51. 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.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Research analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be paid a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.34%. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

Analyst Ratings Changes

A number of research analysts recently issued reports on BAC shares. Citigroup decreased their price objective on Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a report on Monday, March 24th. TD Cowen initiated coverage on Bank of America in a research report on Thursday, May 15th. They set a “buy” rating and a $53.00 price target for the company. Oppenheimer reissued an “outperform” rating on shares of Bank of America in a research report on Thursday, May 22nd. Cowen initiated coverage on Bank of America in a research report on Wednesday, May 14th. They set a “buy” rating for the company. Finally, Evercore ISI reduced their price target on Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a research report on Tuesday, April 1st. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, seventeen have given a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.50.

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.