Bank of America Corporation (NYSE:BAC) Shares Sold by Acorn Creek Capital LLC

by · The Markets Daily

Acorn Creek Capital LLC lessened its holdings in shares of Bank of America Corporation (NYSE:BAC) by 13.2% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 5,518 shares of the financial services provider’s stock after selling 838 shares during the quarter. Acorn Creek Capital LLC’s holdings in Bank of America were worth $230,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Graney & King LLC acquired a new stake in shares of Bank of America during the fourth quarter worth about $25,000. Fairway Wealth LLC purchased a new stake in shares of Bank of America during the fourth quarter worth approximately $29,000. Vega Investment Solutions acquired a new stake in Bank of America in the fourth quarter valued at approximately $30,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in Bank of America in the fourth quarter valued at approximately $31,000. Finally, Spurstone Advisory Services LLC acquired a new stake in Bank of America in the fourth quarter valued at approximately $34,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC opened at $45.51 on Monday. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11. The company’s 50 day simple moving average is $42.36 and its 200-day simple moving average is $43.28. Bank of America Corporation has a 12-month low of $33.07 and a 12-month high of $48.08. The firm has a market cap of $342.78 billion, a PE ratio of 13.54, a price-to-earnings-growth ratio of 1.23 and a beta of 1.30.

Bank of America (NYSE:BAC – Get Free Report) last issued its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The firm had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. 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 will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.29%. The ex-dividend date is Friday, June 6th. Bank of America’s dividend payout ratio is presently 30.95%.

Analysts Set New Price Targets

Several brokerages recently weighed in on BAC. Evercore ISI reduced their target price on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a report on Tuesday, April 1st. Oppenheimer reaffirmed an “outperform” rating on shares of Bank of America in a report on Thursday, May 22nd. Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and raised their target price for the company from $45.00 to $50.00 in a report on Friday, March 7th. Phillip Securities raised shares of Bank of America from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, April 17th. Finally, Argus reduced their target price on shares of Bank of America from $53.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have given a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $47.69.

Check Out Our Latest Stock Analysis on BAC

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.

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