Burt Wealth Advisors Cuts Stake in Bank of America Corporation (NYSE:BAC)

Burt Wealth Advisors lowered its position in Bank of America Corporation (NYSE:BAC) by 10.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,966 shares of the financial services provider’s stock after selling 792 shares during the quarter. Burt Wealth Advisors’ holdings in Bank of America were worth $291,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of BAC. Brighton Jones LLC boosted its stake in Bank of America by 30.0% in 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. Van ECK Associates Corp lifted its position in Bank of America by 243.1% in the fourth quarter. Van ECK Associates Corp now owns 65,991 shares of the financial services provider’s stock valued at $2,900,000 after purchasing an additional 46,760 shares during the last quarter. Bank Pictet & Cie Europe AG lifted its position in Bank of America by 35.7% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider’s stock valued at $37,797,000 after purchasing an additional 226,246 shares during the last quarter. Alberta Investment Management Corp lifted its position in Bank of America by 30.5% in the fourth quarter. Alberta Investment Management Corp now owns 21,400 shares of the financial services provider’s stock valued at $941,000 after purchasing an additional 5,000 shares during the last quarter. Finally, Wealth Alliance raised its holdings in shares of Bank of America by 34.4% during the fourth quarter. Wealth Alliance now owns 25,614 shares of the financial services provider’s stock valued at $1,126,000 after acquiring an additional 6,560 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 1.0%

Shares of NYSE:BAC opened at $45.51 on Friday. Bank of America Corporation has a 1 year low of $33.07 and a 1 year high of $48.08. The stock’s fifty day moving average price is $42.36 and its 200-day moving average price is $43.33. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. The company has a market cap of $342.78 billion, a P/E ratio of 13.54, a PEG ratio of 1.22 and a beta of 1.30.

Bank of America (NYSE:BAC) last posted its 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. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The company had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Sell-side analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.29%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s dividend payout ratio is 30.95%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on BAC. JPMorgan Chase & Co. decreased their target price on Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a report on Thursday, April 3rd. The Goldman Sachs Group upped their target price on Bank of America from $46.00 to $52.00 and gave the company a “buy” rating in a report on Tuesday, June 10th. Cowen assumed coverage on Bank of America in a research note on Wednesday, May 14th. They issued a “buy” rating on the stock. Royal Bank Of Canada reduced their price target on Bank of America from $50.00 to $45.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 16th. Finally, Truist Financial reduced their price target on Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have issued a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus 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.