RFG Advisory LLC Has $673,000 Position in Bank of America Co. (NYSE:BAC)

RFG Advisory LLC lowered its holdings in shares of Bank of America Co. (NYSE:BAC) by 11.3% during the first quarter, Holdings Channel reports. The institutional investor owned 16,117 shares of the financial services provider’s stock after selling 2,047 shares during the quarter. RFG Advisory LLC’s holdings in Bank of America were worth $673,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Graney & King LLC acquired a new stake in shares of Bank of America in the 4th quarter valued at $25,000. Collier Financial acquired a new stake in shares of Bank of America in the 4th quarter valued at $25,000. Fairway Wealth LLC acquired a new stake in shares of Bank of America in the 4th quarter valued at $29,000. Vega Investment Solutions acquired a new stake in shares of Bank of America in the 4th quarter valued at $30,000. Finally, Marshall & Sterling Wealth Advisors Inc. acquired a new stake in shares of Bank of America in the 4th quarter valued at $31,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on BAC. Wall Street Zen downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd. UBS Group upped their price target on shares of Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, April 16th. TD Cowen started coverage on shares of Bank of America in a research report on Thursday, May 15th. They set a “buy” rating and a $53.00 price target on the stock. Cowen started coverage on shares of Bank of America in a research report on Wednesday, May 14th. They set a “buy” rating on the stock. Finally, Truist Financial reduced their price target on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, seventeen have issued a buy rating and four have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.50.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $45.01 on Friday. The stock has a market capitalization of $339.01 billion, a P/E ratio of 13.98, a P/E/G ratio of 1.21 and a beta of 1.30. Bank of America Co. has a 1-year low of $33.07 and a 1-year high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The business has a 50-day moving average price of $40.71 and a two-hundred day moving average price of $43.50.

Bank of America (NYSE:BAC) last announced its quarterly earnings results 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. The business had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Equities analysts predict that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company 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 $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.31%. Bank of America’s dividend payout ratio is 30.95%.

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.