Optimum Investment Advisors Lowers Stock Holdings in Bank of America Corporation (NYSE:BAC)

Optimum Investment Advisors lowered its holdings in Bank of America Corporation (NYSE:BAC) by 4.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 12,034 shares of the financial services provider’s stock after selling 625 shares during the period. Optimum Investment Advisors’ holdings in Bank of America were worth $502,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in BAC. Trek Financial LLC increased its stake in Bank of America by 13.6% during the first quarter. Trek Financial LLC now owns 12,807 shares of the financial services provider’s stock worth $534,000 after acquiring an additional 1,534 shares during the last quarter. DekaBank Deutsche Girozentrale increased its stake in Bank of America by 1.5% during the first quarter. DekaBank Deutsche Girozentrale now owns 6,412,426 shares of the financial services provider’s stock worth $261,218,000 after acquiring an additional 92,435 shares during the last quarter. Personal CFO Solutions LLC increased its stake in Bank of America by 8.2% during the first quarter. Personal CFO Solutions LLC now owns 36,838 shares of the financial services provider’s stock worth $1,537,000 after acquiring an additional 2,779 shares during the last quarter. Stratos Investment Management LLC increased its stake in Bank of America by 17.3% during the first quarter. Stratos Investment Management LLC now owns 175,882 shares of the financial services provider’s stock worth $7,340,000 after acquiring an additional 25,892 shares during the last quarter. Finally, NTV Asset Management LLC boosted its position in shares of Bank of America by 0.6% in the first quarter. NTV Asset Management LLC now owns 52,906 shares of the financial services provider’s stock worth $2,208,000 after buying an additional 301 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Keefe, Bruyette & Woods lowered their target price on Bank of America from $55.00 to $52.00 and set an “outperform” rating for the company in a research note on Wednesday, April 16th. Hsbc Global Res lowered Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Tuesday. Piper Sandler lowered their target price on Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a research note on Wednesday, April 16th. UBS Group increased their target price on Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, April 16th. Finally, Oppenheimer restated an “outperform” rating on shares of Bank of America in a research note on Thursday, May 22nd. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $48.33.

Bank of America Stock Down 3.1%

Shares of Bank of America stock opened at $47.17 on Wednesday. The business’s fifty day moving average price is $44.60 and its two-hundred day moving average price is $43.50. 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 capitalization of $355.28 billion, a P/E ratio of 14.04, a PEG ratio of 1.32 and a beta of 1.30. Bank of America Corporation has a 1-year low of $33.07 and a 1-year high of $49.31.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share 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 for the quarter, compared to the consensus estimate of $26.83 billion. As a group, research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date was Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

Bank of America 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.