Hillsdale Investment Management Inc. Sells 1,730 Shares of Bank of America Co. (NYSE:BAC)

Hillsdale Investment Management Inc. lowered its stake in shares of Bank of America Co. (NYSE:BAC) by 17.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,035 shares of the financial services provider’s stock after selling 1,730 shares during the period. Hillsdale Investment Management Inc.’s holdings in Bank of America were worth $305,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Joel Isaacson & Co. LLC increased its position in shares of Bank of America by 0.3% during the 1st quarter. Joel Isaacson & Co. LLC now owns 108,529 shares of the financial services provider’s stock valued at $4,115,000 after purchasing an additional 294 shares during the last quarter. CKW Financial Group increased its position in shares of Bank of America by 1.5% during the 1st quarter. CKW Financial Group now owns 20,069 shares of the financial services provider’s stock valued at $753,000 after purchasing an additional 300 shares during the last quarter. Rossmore Private Capital increased its position in shares of Bank of America by 1.2% during the 4th quarter. Rossmore Private Capital now owns 26,537 shares of the financial services provider’s stock valued at $894,000 after purchasing an additional 303 shares during the last quarter. Chemistry Wealth Management LLC increased its position in shares of Bank of America by 0.3% during the 1st quarter. Chemistry Wealth Management LLC now owns 109,541 shares of the financial services provider’s stock valued at $4,154,000 after purchasing an additional 310 shares during the last quarter. Finally, Regent Peak Wealth Advisors LLC increased its position in shares of Bank of America by 3.2% during the 4th quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock valued at $336,000 after purchasing an additional 314 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 1.4 %

Shares of BAC traded down $0.59 on Monday, reaching $42.31. The stock had a trading volume of 42,827,326 shares, compared to its average volume of 38,855,598. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $44.44. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.79 and a current ratio of 0.80. The firm has a market capitalization of $330.84 billion, a price-to-earnings ratio of 14.64, a price-to-earnings-growth ratio of 1.63 and a beta of 1.35. The company has a 50-day simple moving average of $40.20 and a 200-day simple moving average of $37.05.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. The business had revenue of $25.38 billion during the quarter, compared to analyst estimates of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The company’s quarterly revenue was up .7% compared to the same quarter last year. During the same quarter last year, the company earned $0.88 EPS. Sell-side analysts predict that Bank of America Co. will post 3.24 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date was Friday, June 7th. Bank of America’s payout ratio is 33.22%.

Insiders Place Their Bets

In related news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of Bank of America stock in a transaction on Friday, July 19th. The stock was sold at an average price of $43.13, for a total value of $530,145,635.91. Following the completion of the sale, the insider now owns 998,961,079 shares of the company’s stock, valued at $43,085,191,337.27. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last quarter, insiders sold 24,984,363 shares of company stock valued at $1,089,448,152. Corporate insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the topic of several recent research reports. Seaport Res Ptn upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. Royal Bank of Canada increased their price objective on Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. Jefferies Financial Group increased their target price on Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. Cfra restated a “sell” rating and set a $39.00 target price on shares of Bank of America in a report on Tuesday, July 16th. Finally, Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and increased their target price for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average target price of $41.92.

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.