Bank of America Corporation (NYSE:BAC) Shares Sold by Dunhill Financial LLC

Dunhill Financial LLC lowered its stake in shares of Bank of America Corporation (NYSE:BAC) by 1.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 31,881 shares of the financial services provider’s stock after selling 363 shares during the period. Bank of America comprises 0.6% of Dunhill Financial LLC’s investment portfolio, making the stock its 28th biggest position. Dunhill Financial LLC’s holdings in Bank of America were worth $1,330,000 as of its most recent filing with the Securities & Exchange Commission.

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

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on BAC shares. Cfra Research increased their price target on shares of Bank of America to $47.00 and gave the stock a “buy” rating in a research report on Wednesday, April 16th. Barclays cut their price objective on Bank of America from $58.00 to $54.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. JPMorgan Chase & Co. reduced their price objective on shares of Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a report on Thursday, April 3rd. Finally, Phillip Securities raised Bank of America from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, April 17th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have given a buy rating and four have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $47.69.

Bank of America Trading Down 0.4%

Shares of Bank of America stock opened at $44.22 on Wednesday. Bank of America Corporation has a 52-week low of $33.07 and a 52-week high of $48.08. The company’s 50-day simple moving average is $41.83 and its 200-day simple moving average is $43.34. The firm has a market cap of $333.08 billion, a price-to-earnings ratio of 13.16, a price-to-earnings-growth ratio of 1.20 and a beta of 1.30. 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 posted its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. The business had revenue of $27.37 billion for the quarter, compared to analysts’ expectations of $26.83 billion. As a group, equities research analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s dividend payout ratio is currently 30.95%.

About Bank of America

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.