Bank of America Corporation (NYSE:BAC) Shares Sold by Matrix Asset Advisors Inc. NY

by · The Cerbat Gem

Matrix Asset Advisors Inc. NY lowered its holdings in Bank of America Corporation (NYSE:BAC) by 9.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 57,932 shares of the financial services provider’s stock after selling 5,869 shares during the quarter. Matrix Asset Advisors Inc. NY’s holdings in Bank of America were worth $2,418,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Graney & King LLC acquired a new stake in Bank of America in the fourth quarter valued at $25,000. Fairway Wealth LLC acquired a new stake in Bank of America in the fourth quarter valued at $29,000. Vega Investment Solutions purchased a new position in shares of Bank of America in the fourth quarter valued at $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in shares of Bank of America in the fourth quarter valued at $31,000. Finally, Spurstone Advisory Services LLC purchased a new position in shares of Bank of America in the fourth quarter valued at $34,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

BAC opened at $45.51 on Friday. The company’s 50 day simple moving average is $42.36 and its 200 day simple moving average is $43.31. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79. Bank of America Corporation has a 1 year low of $33.07 and a 1 year high of $48.08. The stock has a market capitalization of $342.78 billion, a PE ratio of 13.54, a P/E/G ratio of 1.23 and a beta of 1.30.

Bank of America (NYSE:BAC – Get Free Report) last released its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. The business had revenue of $27.37 billion for the quarter, compared to analysts’ expectations of $26.83 billion. As a group, sell-side analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given a $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.29%. Bank of America’s dividend payout ratio is presently 30.95%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Royal Bank Of Canada dropped their price target on Bank of America from $50.00 to $45.00 and set an “outperform” rating for the company in a research report on Wednesday, April 16th. Evercore ISI dropped their price target on Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a research report on Tuesday, April 1st. Keefe, Bruyette & Woods dropped their price target on Bank of America from $55.00 to $52.00 and set an “outperform” rating for the company in a research report on Wednesday, April 16th. JPMorgan Chase & Co. dropped their price target on Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a research report on Thursday, April 3rd. Finally, Citigroup dropped their price target on Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, March 24th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have assigned a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average price target of $47.69.

View Our Latest Stock Analysis on BAC

Bank of America 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.

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