Centerpoint Advisory Group Cuts Stock Holdings in Bank of America Corporation (NYSE:BAC)

Centerpoint Advisory Group cut its stake in Bank of America Corporation (NYSE:BAC) by 3.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,572 shares of the financial services provider’s stock after selling 278 shares during the period. Centerpoint Advisory Group’s holdings in Bank of America were worth $358,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of BAC. Flagship Harbor Advisors LLC boosted its stake in shares of Bank of America by 0.8% in the 1st quarter. Flagship Harbor Advisors LLC now owns 34,157 shares of the financial services provider’s stock valued at $1,425,000 after buying an additional 271 shares during the period. Live Oak Private Wealth LLC raised its holdings in Bank of America by 0.9% in the first quarter. Live Oak Private Wealth LLC now owns 377,203 shares of the financial services provider’s stock valued at $15,741,000 after acquiring an additional 3,549 shares in the last quarter. Ridgecrest Wealth Partners LLC raised its holdings in Bank of America by 16.8% in the first quarter. Ridgecrest Wealth Partners LLC now owns 13,882 shares of the financial services provider’s stock valued at $579,000 after acquiring an additional 2,000 shares in the last quarter. 1858 Wealth Management LLC lifted its stake in Bank of America by 30.8% in the first quarter. 1858 Wealth Management LLC now owns 6,137 shares of the financial services provider’s stock worth $256,000 after acquiring an additional 1,445 shares during the last quarter. Finally, Cassia Capital Partners LLC grew its holdings in Bank of America by 53.0% during the 1st quarter. Cassia Capital Partners LLC now owns 23,081 shares of the financial services provider’s stock worth $963,000 after acquiring an additional 7,995 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Citigroup reduced their price objective on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, March 24th. Evercore ISI cut their price target on Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 1st. Piper Sandler lowered their price objective on Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a research report on Wednesday, April 16th. Cfra Research increased their price objective on Bank of America to $47.00 and gave the company a “buy” rating in a report on Wednesday, April 16th. Finally, TD Cowen began coverage on Bank of America in a research note on Thursday, May 15th. They set a “buy” rating and a $53.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, five have given 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, Bank of America presently has an average rating of “Moderate Buy” and a consensus target price of $47.69.

Bank of America Price Performance

Shares of NYSE:BAC opened at $45.51 on Monday. Bank of America Corporation has a one year low of $33.07 and a one year high of $48.08. The stock has a market capitalization of $342.78 billion, a price-to-earnings ratio of 13.54, a PEG ratio of 1.23 and a beta of 1.30. The company has a 50-day simple moving average of $42.36 and a 200-day simple moving average of $43.28. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating 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 during the quarter, compared to the consensus estimate of $26.83 billion. On average, analysts predict that Bank of America Corporation will post 3.7 EPS 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. Stockholders of record on Friday, June 6th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.29%. The ex-dividend date is Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is presently 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.