SOL Capital Management CO Cuts Stake in Bank of America Corporation (NYSE:BAC)

SOL Capital Management CO lowered its position in shares of Bank of America Corporation (NYSE:BAC) by 0.5% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 96,927 shares of the financial services provider’s stock after selling 475 shares during the period. SOL Capital Management CO’s holdings in Bank of America were worth $4,045,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in BAC. Graney & King LLC bought a new position in Bank of America in the 4th quarter worth $25,000. Fairway Wealth LLC bought a new position in Bank of America in the 4th quarter worth $29,000. Vega Investment Solutions bought a new position in Bank of America in the 4th quarter worth $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in Bank of America in the 4th quarter worth $31,000. Finally, Spurstone Advisory Services LLC bought a new position in Bank of America in the 4th quarter worth $34,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on BAC shares. Argus decreased their price objective on shares of Bank of America from $53.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. Robert W. Baird upgraded shares of Bank of America from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $45.00 to $50.00 in a report on Friday, March 7th. Citigroup decreased their price objective on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a report on Monday, March 24th. Barclays decreased their price objective on shares of Bank of America from $58.00 to $54.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Finally, Oppenheimer restated an “outperform” rating on shares of Bank of America in a report on Thursday, May 22nd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, nineteen have issued a buy rating and four have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.40.

Bank of America Stock Up 0.4%

NYSE:BAC opened at $46.85 on Thursday. The firm has a market cap of $352.87 billion, a P/E ratio of 13.94, a P/E/G ratio of 1.26 and a beta of 1.30. 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 Corporation has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The firm has a 50-day simple moving average of $42.91 and a two-hundred day simple moving average of $43.33.

Bank of America (NYSE:BAC) last released its quarterly earnings data 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. The business had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. Analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared 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. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.22%. Bank of America’s dividend payout ratio 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.