Perfromance Wealth Partners LLC Reduces Position in Bank of America Co. (NYSE:BAC)

Perfromance Wealth Partners LLC cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 11.7% during the 2nd quarter, Holdings Channel.com reports. The firm owned 269,958 shares of the financial services provider’s stock after selling 35,622 shares during the quarter. Bank of America comprises approximately 0.5% of Perfromance Wealth Partners LLC’s holdings, making the stock its 25th biggest position. Perfromance Wealth Partners LLC’s holdings in Bank of America were worth $8,404,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Bromfield Sneider Wealth Advisors bought a new stake in shares of Bank of America during the first quarter valued at about $26,000. Corbenic Partners LLC increased its position in shares of Bank of America by 201.9% during the first quarter. Corbenic Partners LLC now owns 631 shares of the financial services provider’s stock valued at $26,000 after buying an additional 422 shares during the period. Bivin & Associates Inc. bought a new stake in shares of Bank of America during the fourth quarter valued at about $28,000. Oliver Lagore Vanvalin Investment Group bought a new stake in shares of Bank of America during the first quarter valued at about $26,000. Finally, Capital Management Associates NY bought a new stake in shares of Bank of America during the first quarter valued at about $31,000. 68.48% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft decreased their price target on Bank of America from $51.00 to $45.00 and set a “buy” rating on the stock in a research report on Monday, September 12th. Wells Fargo & Company decreased their price objective on shares of Bank of America from $66.00 to $55.00 and set an “overweight” rating on the stock in a research report on Friday, July 1st. Jefferies Financial Group decreased their price objective on shares of Bank of America from $43.00 to $33.00 in a research report on Monday, July 11th. Royal Bank of Canada decreased their price objective on shares of Bank of America from $45.00 to $40.00 in a research report on Tuesday, July 19th. Finally, Citigroup decreased their price objective on shares of Bank of America from $47.00 to $40.00 in a research report on Tuesday, July 12th. Six equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and a consensus target price of $46.58.

Bank of America Trading Down 2.2 %

Shares of NYSE:BAC traded down $0.72 during trading on Friday, reaching $31.78. 2,459,861 shares of the company traded hands, compared to its average volume of 38,124,100. The firm has a market capitalization of $255.36 billion, a price-to-earnings ratio of 9.83, a P/E/G ratio of 1.48 and a beta of 1.37. Bank of America Co. has a 52-week low of $29.67 and a 52-week high of $50.11. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 1.15. The business’s fifty day moving average is $34.13 and its 200-day moving average is $35.84.

Bank of America (NYSE:BACGet Rating) last announced its quarterly earnings results on Monday, July 18th. The financial services provider reported $0.73 EPS for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.04). Bank of America had a return on equity of 11.51% and a net margin of 28.89%. The business had revenue of $22.69 billion during the quarter, compared to analysts’ expectations of $22.79 billion. During the same period in the previous year, the business earned $1.03 EPS. The business’s revenue was up 5.7% compared to the same quarter last year. As a group, analysts forecast that Bank of America Co. will post 3.2 EPS for the current year.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 2nd will be paid a $0.22 dividend. This is a positive change from Bank of America’s previous quarterly dividend of $0.21. The ex-dividend date is Thursday, September 1st. This represents a $0.88 dividend on an annualized basis and a yield of 2.77%. Bank of America’s dividend payout ratio (DPR) is presently 27.50%.

Bank of America Company Profile

(Get Rating)

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.

Featured Articles

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Co. (NYSE:BACGet Rating).

Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.