CBIZ Investment Advisory Services LLC Sells 556 Shares of Bank of America Corporation (NYSE:BAC)

CBIZ Investment Advisory Services LLC cut its holdings in shares of Bank of America Corporation (NYSE:BAC) by 7.2% in the 1st quarter, Holdings Channel reports. The firm owned 7,124 shares of the financial services provider’s stock after selling 556 shares during the period. Bank of America accounts for about 0.1% of CBIZ Investment Advisory Services LLC’s holdings, making the stock its 28th largest position. CBIZ Investment Advisory Services LLC’s holdings in Bank of America were worth $296,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. TAGStone Capital Inc. lifted its stake in Bank of America by 1.2% during the 4th quarter. TAGStone Capital Inc. now owns 19,802 shares of the financial services provider’s stock valued at $870,000 after acquiring an additional 227 shares during the period. 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 period. 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 period. 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 period. Finally, Northern Financial Advisors Inc lifted its stake in shares of Bank of America by 1.8% in the 1st quarter. Northern Financial Advisors Inc now owns 14,383 shares of the financial services provider’s stock valued at $600,000 after purchasing an additional 252 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Performance

Shares of BAC opened at $47.33 on Friday. The company has a current ratio of 0.80, a quick ratio of 0.78 and a debt-to-equity ratio of 1.14. The firm has a market cap of $356.48 billion, a PE ratio of 13.84, a price-to-earnings-growth ratio of 1.29 and a beta of 1.30. The company’s 50 day simple moving average is $45.53 and its 200-day simple moving average is $43.64. Bank of America Corporation has a 12-month low of $33.07 and a 12-month high of $49.31.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The firm had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. During the same period last year, the firm posted $0.83 EPS. Bank of America’s quarterly revenue was up 4.3% on a year-over-year basis. As a group, equities analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

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 2.20%. The ex-dividend date of this dividend was Friday, June 6th. Bank of America’s dividend payout ratio is presently 30.41%.

Analysts Set New Price Targets

BAC has been the subject of a number of research analyst reports. Wall Street Zen cut shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd. UBS Group upped their price objective on shares of Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, April 16th. Morgan Stanley upped their price objective on shares of Bank of America from $47.00 to $49.00 and gave the stock an “overweight” rating in a research report on Monday, June 23rd. Truist Financial upped their price objective on shares of Bank of America from $51.00 to $53.00 and gave the stock a “buy” rating in a research report on Wednesday, July 9th. Finally, HSBC cut shares of Bank of America from a “buy” rating to a “hold” rating and upped their price objective for the stock from $47.00 to $51.00 in a research report on Monday, July 7th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $50.03.

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.