Brighton Jones LLC Reduces Position in Bank of America Co. (NYSE:BAC)

Brighton Jones LLC lessened its holdings in shares of Bank of America Co. (NYSE:BAC) by 0.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 70,400 shares of the financial services provider’s stock after selling 342 shares during the quarter. Brighton Jones LLC’s holdings in Bank of America were worth $2,903,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of BAC. Robbins Farley LLC purchased a new position in shares of Bank of America during the 1st quarter worth $25,000. Newton One Investments LLC purchased a new position in shares of Bank of America during the 2nd quarter worth $29,000. Cowen Prime Advisors LLC purchased a new position in shares of Bank of America during the 2nd quarter valued at $31,000. Ritter Daniher Financial Advisory LLC lifted its stake in shares of Bank of America by 156.7% during the 1st quarter. Ritter Daniher Financial Advisory LLC now owns 819 shares of the financial services provider’s stock valued at $32,000 after buying an additional 500 shares in the last quarter. Finally, Sage Financial Management Group Inc. purchased a new position in shares of Bank of America during the 1st quarter valued at $33,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

BAC has been the topic of a number of analyst reports. Truist Securities initiated coverage on shares of Bank of America in a research note on Wednesday, June 2nd. They set a “buy” rating on the stock. Odeon Capital Group upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $46.50 target price on the stock in a research note on Monday. Zacks Investment Research upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $42.00 price target on the stock in a report on Friday, June 18th. Morgan Stanley lifted their price target on shares of Bank of America from $38.00 to $42.00 and gave the company an “underweight” rating in a report on Thursday, July 29th. Finally, Evercore ISI reiterated a “buy” rating and issued a $43.00 price target on shares of Bank of America in a report on Friday, July 2nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Bank of America has a consensus rating of “Buy” and an average price target of $40.42.

Shares of Bank of America stock traded up $0.28 during trading hours on Wednesday, reaching $40.12. The company’s stock had a trading volume of 900,219 shares, compared to its average volume of 49,445,723. The firm has a 50 day moving average price of $40.02 and a 200-day moving average price of $40.08. Bank of America Co. has a one year low of $22.95 and a one year high of $43.49. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.74 and a quick ratio of 0.74. The stock has a market cap of $337.61 billion, a P/E ratio of 13.36, a P/E/G ratio of 1.72 and a beta of 1.55.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, July 14th. The financial services provider reported $1.03 EPS for the quarter, beating the consensus estimate of $0.77 by $0.26. The company had revenue of $21.50 billion for the quarter, compared to the consensus estimate of $21.77 billion. Bank of America had a net margin of 30.82% and a return on equity of 11.08%. The firm’s revenue was down 3.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.37 EPS. As a group, sell-side analysts forecast that Bank of America Co. will post 3.34 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 24th. Investors of record on Friday, September 3rd will be issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 2.09%. This is an increase from Bank of America’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Thursday, September 2nd. Bank of America’s dividend payout ratio is presently 38.50%.

In related news, Vice Chairman Thong M. Nguyen sold 80,000 shares of the company’s stock in a transaction dated Friday, August 6th. The shares were sold at an average price of $39.98, for a total transaction of $3,198,400.00. Following the transaction, the insider now directly owns 337,006 shares in the company, valued at approximately $13,473,499.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.22% of the company’s stock.

Bank of America Company Profile

Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.

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

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