Robertson Stephens Wealth Management LLC Has $1.80 Million Stock Holdings in Bank of America Corporation (NYSE:BAC)

Robertson Stephens Wealth Management LLC decreased its position in shares of Bank of America Corporation (NYSE:BAC) by 81.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 43,209 shares of the financial services provider’s stock after selling 194,260 shares during the quarter. Robertson Stephens Wealth Management LLC’s holdings in Bank of America were worth $1,803,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of BAC. Graney & King LLC acquired a new stake in Bank of America in the fourth quarter worth $25,000. Fairway Wealth LLC bought a new stake in shares of Bank of America in the 4th quarter valued at $29,000. Vega Investment Solutions bought a new stake in shares of Bank of America in the 4th quarter valued at $30,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in Bank of America during the 4th quarter worth $31,000. Finally, Spurstone Advisory Services LLC bought a new position in Bank of America during the fourth quarter worth about $34,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

BAC opened at $44.22 on Wednesday. The business’s 50-day simple moving average is $41.83 and its 200 day simple moving average is $43.34. Bank of America Corporation has a 52-week low of $33.07 and a 52-week high of $48.08. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79. The firm has a market capitalization of $333.08 billion, a PE ratio of 13.16, a PEG ratio of 1.20 and a beta of 1.30.

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 the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The firm had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. As a group, sell-side analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. Evercore ISI decreased their price objective 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. Wall Street Zen cut Bank of America from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd. Barclays dropped their target price on shares of Bank of America from $58.00 to $54.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Finally, The Goldman Sachs Group upped their price target on shares of Bank of America from $46.00 to $52.00 and gave the company a “buy” rating in a report on Tuesday, June 10th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have assigned a buy rating and four have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target 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.