First Command Advisory Services Inc. Has $1.01 Million Stock Holdings in Bank of America Corporation (NYSE:BAC)

First Command Advisory Services Inc. cut its holdings in shares of Bank of America Corporation (NYSE:BAC) by 6.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 24,113 shares of the financial services provider’s stock after selling 1,544 shares during the period. First Command Advisory Services Inc.’s holdings in Bank of America were worth $1,006,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. TAGStone Capital Inc. lifted its stake in shares of Bank of America by 1.2% in the 4th quarter. TAGStone Capital Inc. now owns 19,802 shares of the financial services provider’s stock valued at $870,000 after purchasing an additional 227 shares during the last quarter. Hayek Kallen Investment Management lifted its stake in shares of Bank of America by 2.0% in the 4th quarter. Hayek Kallen Investment Management now owns 12,022 shares of the financial services provider’s stock valued at $528,000 after purchasing an additional 233 shares during the last quarter. Continuum Advisory LLC lifted its stake in shares of Bank of America by 1.4% in the 4th quarter. Continuum Advisory LLC now owns 16,707 shares of the financial services provider’s stock valued at $734,000 after purchasing an additional 237 shares during the last quarter. Menard Financial Group LLC lifted its stake in shares of Bank of America by 1.2% in the 4th quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider’s stock valued at $906,000 after purchasing an additional 240 shares during the last quarter. Finally, Hancock Whitney Corp lifted its stake in shares of Bank of America by 0.3% during the 4th quarter. Hancock Whitney Corp now owns 89,203 shares of the financial services provider’s stock worth $3,920,000 after acquiring an additional 260 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on BAC shares. Citigroup raised their price target on Bank of America from $50.00 to $54.00 and gave the stock a “buy” rating in a research note on Thursday, June 26th. Cowen started coverage on Bank of America in a research note on Wednesday, May 14th. They set a “buy” rating for the company. Baird R W lowered Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 27th. Oppenheimer reissued an “outperform” rating on shares of Bank of America in a research note on Thursday, May 22nd. Finally, Phillip Securities raised Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, April 17th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $48.89.

Bank of America Trading Up 0.7%

Bank of America stock opened at $47.04 on Tuesday. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11. Bank of America Corporation has a 52 week low of $33.07 and a 52 week high of $49.31. The company has a market capitalization of $354.29 billion, a price-to-earnings ratio of 14.00, a price-to-earnings-growth ratio of 1.27 and a beta of 1.30. The stock has a 50-day moving average price of $45.11 and a 200 day moving average price of $43.57.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping 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 firm had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Sell-side analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date of this dividend was Friday, June 6th. Bank of America’s payout ratio is presently 30.95%.

About Bank of America

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.