Appleton Partners Inc. MA Sells 12,961 Shares of Bank of America Co. (NYSE:BAC)

Appleton Partners Inc. MA decreased its position in shares of Bank of America Co. (NYSE:BAC) by 4.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 304,519 shares of the financial services provider’s stock after selling 12,961 shares during the period. Appleton Partners Inc. MA’s holdings in Bank of America were worth $11,547,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of BAC. Rossmore Private Capital raised its position in 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 worth $894,000 after purchasing an additional 303 shares during the last quarter. Regent Peak Wealth Advisors LLC raised its position in shares of Bank of America by 3.2% during the fourth quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock worth $336,000 after acquiring an additional 314 shares during the last quarter. Kennedy Investment Group boosted its holdings in Bank of America by 0.6% in the fourth quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock valued at $1,953,000 after acquiring an additional 321 shares during the last quarter. Private Ocean LLC increased its position in Bank of America by 34.0% during the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 325 shares during the period. Finally, Selective Wealth Management Inc. raised its holdings in Bank of America by 2.0% during the 4th quarter. Selective Wealth Management Inc. now owns 17,351 shares of the financial services provider’s stock worth $586,000 after purchasing an additional 334 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Up 0.8 %

BAC stock traded up $0.32 during mid-day trading on Tuesday, reaching $39.83. 6,952,552 shares of the company traded hands, compared to its average volume of 38,620,777. The stock has a market cap of $311.49 billion, a price-to-earnings ratio of 13.78, a P/E/G ratio of 1.75 and a beta of 1.36. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $40.19. The firm’s 50 day moving average price is $38.27 and its 200 day moving average price is $35.57. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BACGet Free Report) last announced its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. During the same quarter in the prior year, the company posted $0.94 earnings per share. Bank of America’s revenue was down 1.7% compared to the same quarter last year. As a group, equities research analysts predict that Bank of America Co. will post 3.21 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s payout ratio is currently 33.22%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Piper Sandler upped their price objective on shares of Bank of America from $35.00 to $37.00 and gave the company an “underweight” rating in a research note on Tuesday, June 4th. HSBC restated a “hold” rating and set a $39.00 target price (up previously from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. StockNews.com downgraded Bank of America from a “hold” rating to a “sell” rating in a report on Monday, May 20th. Jefferies Financial Group increased their price target on Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a report on Monday, April 8th. Finally, BMO Capital Markets lifted their price objective on shares of Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research note on Thursday, April 18th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $39.79.

Check Out Our Latest Analysis on Bank of America

Bank of America Company Profile

(Free Report)

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.

Further Reading

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

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