Brio Consultants LLC Sells 4,901 Shares of Bank of America Co. (NYSE:BAC)

Brio Consultants LLC decreased its holdings in Bank of America Co. (NYSE:BACGet Rating) by 40.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,099 shares of the financial services provider’s stock after selling 4,901 shares during the period. Brio Consultants LLC’s holdings in Bank of America were worth $219,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Bromfield Sneider Wealth Advisors purchased a new position in shares of Bank of America in the 1st quarter worth $26,000. Corbenic Partners LLC boosted its stake in shares of Bank of America by 201.9% in the 1st quarter. Corbenic Partners LLC now owns 631 shares of the financial services provider’s stock worth $26,000 after buying an additional 422 shares during the last quarter. Oliver Lagore Vanvalin Investment Group purchased a new position in shares of Bank of America in the 1st quarter worth $26,000. Bivin & Associates Inc. purchased a new position in shares of Bank of America in the 4th quarter worth $28,000. Finally, Capital Management Associates NY purchased a new position in shares of Bank of America in the 1st quarter worth $31,000. Institutional investors own 68.48% of the company’s stock.

Bank of America Price Performance

Shares of Bank of America stock opened at $32.50 on Friday. The stock’s 50-day simple moving average is $34.13 and its 200-day simple moving average is $35.84. Bank of America Co. has a 52 week low of $29.67 and a 52 week high of $50.11. The company has a market capitalization of $261.15 billion, a price-to-earnings ratio of 10.16, a PEG ratio of 1.48 and a beta of 1.37. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 1.15.

Bank of America (NYSE:BACGet Rating) last issued its earnings results on Monday, July 18th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.77 by ($0.04). Bank of America had a return on equity of 11.51% and a net margin of 28.89%. The firm had revenue of $22.69 billion during the quarter, compared to the consensus estimate of $22.79 billion. During the same period last year, the firm posted $1.03 earnings per share. The company’s revenue for the quarter was up 5.7% compared to the same quarter last year. As a group, analysts expect that Bank of America Co. will post 3.2 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Friday, September 2nd will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.71%. This is a boost from Bank of America’s previous quarterly dividend of $0.21. The ex-dividend date of this dividend is Thursday, September 1st. Bank of America’s payout ratio is 27.50%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on BAC shares. Citigroup dropped their price target on Bank of America from $47.00 to $40.00 in a research note on Tuesday, July 12th. Societe Generale upgraded Bank of America from a “hold” rating to a “buy” rating and set a $37.50 price target on the stock in a research note on Monday, July 11th. Piper Sandler dropped their price target on Bank of America from $51.00 to $47.00 and set an “overweight” rating on the stock in a research note on Friday, July 1st. Jefferies Financial Group lowered their target price on Bank of America from $43.00 to $33.00 in a research report on Monday, July 11th. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on Bank of America from $51.00 to $45.00 and set a “buy” rating on the stock in a research report on Monday, September 12th. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target of $46.58.

Bank of America Company Profile

(Get Rating)

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.

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

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