Allen Mooney & Barnes Investment Advisors LLC Sells 966 Shares of Bank of America Co. (NYSE:BAC)

Allen Mooney & Barnes Investment Advisors LLC cut its holdings in Bank of America Co. (NYSE:BAC) by 5.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,692 shares of the financial services provider’s stock after selling 966 shares during the period. Allen Mooney & Barnes Investment Advisors LLC’s holdings in Bank of America were worth $655,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of BAC. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Bank of America by 4.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider’s stock worth $173,168,000 after purchasing an additional 173,021 shares during the last quarter. OFI Invest Asset Management acquired a new stake in shares of Bank of America in the fourth quarter worth $60,679,000. Arizona State Retirement System lifted its stake in shares of Bank of America by 0.5% in the fourth quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider’s stock worth $89,150,000 after buying an additional 10,377 shares during the last quarter. Gradient Investments LLC boosted its holdings in shares of Bank of America by 7.8% during the 1st quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider’s stock worth $29,061,000 after buying an additional 50,296 shares during the period. Finally, Keybank National Association OH grew its stake in Bank of America by 1.1% in the 4th quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock valued at $152,006,000 after buying an additional 38,258 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Trading Down 0.8%

Shares of BAC stock opened at $44.72 on Thursday. The company has a market capitalization of $336.80 billion, a P/E ratio of 13.89, a P/E/G ratio of 1.21 and a beta of 1.30. Bank of America Co. has a 12-month low of $33.07 and a 12-month high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm has a 50-day moving average price of $41.14 and a 200 day moving average price of $43.46.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate 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 business had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Research analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.33%. The ex-dividend date is Friday, June 6th. Bank of America’s payout ratio is presently 30.95%.

Wall Street Analyst Weigh In

BAC has been the topic of several recent analyst reports. Truist Financial dropped their target price on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. Wall Street Zen lowered Bank of America from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd. Barclays cut their price objective on Bank of America from $58.00 to $54.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Citigroup lowered their target price on Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, March 24th. Finally, UBS Group upped their price target on Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have issued a buy rating and four have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus 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.