Appleton Partners Inc. MA Decreases Stock Holdings in Bank of America Co. (NYSE:BAC)

Appleton Partners Inc. MA decreased its stake in shares of Bank of America Co. (NYSE:BAC) by 4.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. 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 reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Ethos Financial Group LLC boosted its stake in shares of Bank of America by 6.2% during the 4th quarter. Ethos Financial Group LLC now owns 8,452 shares of the financial services provider’s stock worth $285,000 after acquiring an additional 492 shares during the last quarter. Auxano Advisors LLC lifted its holdings in Bank of America by 234.5% during the fourth quarter. Auxano Advisors LLC now owns 27,356 shares of the financial services provider’s stock valued at $921,000 after purchasing an additional 19,179 shares in the last quarter. Stonebridge Capital Advisors LLC boosted its position in shares of Bank of America by 3.7% in the third quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock worth $1,793,000 after purchasing an additional 2,332 shares during the period. Kingswood Wealth Advisors LLC increased its stake in shares of Bank of America by 228.3% in the fourth quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock worth $2,273,000 after purchasing an additional 46,950 shares in the last quarter. Finally, DiNuzzo Private Wealth Inc. bought a new stake in shares of Bank of America during the 4th quarter valued at $105,000. 70.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have commented on BAC. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. Jefferies Financial Group upped their price target on Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research note on Monday, April 8th. Oppenheimer lifted their price objective on shares of Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Tuesday, April 30th. Evercore ISI upped their target price on shares of Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. Finally, HSBC reiterated a “hold” rating and issued a $39.00 price target (up previously from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $39.79.

Read Our Latest Report on BAC

Bank of America Stock Up 0.8 %

NYSE:BAC traded up $0.32 during mid-day trading on Tuesday, reaching $39.83. The company’s stock had a trading volume of 6,952,552 shares, compared to its average volume of 38,620,777. 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 Co. has a 1 year low of $24.96 and a 1 year high of $40.19. The stock has a fifty day moving average of $38.27 and a 200-day moving average of $35.57. The firm has a market capitalization of $311.49 billion, a PE ratio of 13.78, a price-to-earnings-growth ratio of 1.75 and a beta of 1.36.

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 for the quarter, topping the consensus estimate of $0.77 by $0.06. The firm had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company’s revenue was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.94 EPS. Equities research analysts forecast that Bank of America Co. will post 3.21 earnings per share for the current year.

Bank of America Dividend Announcement

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

About Bank of America

(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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