Gradient Capital Advisors LLC Has $862,000 Position in Bank of America Co. (NYSE:BAC)

Gradient Capital Advisors LLC lessened its stake in shares of Bank of America Co. (NYSE:BAC) by 7.4% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 22,739 shares of the financial services provider’s stock after selling 1,813 shares during the period. Gradient Capital Advisors LLC’s holdings in Bank of America were worth $862,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of BAC. Fortis Group Advisors LLC acquired a new position in shares of Bank of America during the 3rd quarter valued at $25,000. Livelsberger Financial Advisory bought a new stake in Bank of America during the 4th quarter valued at $28,000. Criterion Capital Advisors LLC bought a new stake in Bank of America during the 4th quarter valued at $32,000. Northwest Investment Counselors LLC bought a new stake in Bank of America during the 1st quarter valued at $33,000. Finally, Mark Sheptoff Financial Planning LLC increased its stake in Bank of America by 431.0% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 1,062 shares of the financial services provider’s stock valued at $36,000 after purchasing an additional 862 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of BAC stock traded up $0.52 during trading on Friday, hitting $39.77. The company had a trading volume of 52,028,200 shares, compared to its average volume of 35,164,596. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock’s 50-day moving average is $38.91 and its two-hundred day moving average is $36.10. The stock has a market capitalization of $311.02 billion, a price-to-earnings ratio of 13.76, a price-to-earnings-growth ratio of 1.52 and a beta of 1.36. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $40.34.

Bank of America (NYSE:BAC) last posted its quarterly earnings data 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 company had revenue of $25.82 billion for 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%. Bank of America’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.94 earnings per share. As a group, analysts predict that Bank of America Co. will post 3.22 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.41%. The ex-dividend date was Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is 33.22%.

Analysts Set New Price Targets

A number of brokerages have commented on BAC. Piper Sandler boosted their price target on shares of Bank of America from $35.00 to $37.00 and gave the company an “underweight” rating in a research note on Tuesday, June 4th. HSBC restated a “hold” rating and set a $39.00 price target (up previously from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Oppenheimer upped their target price on shares of Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 30th. BMO Capital Markets upped their target price on shares of Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research note on Thursday, April 18th. Finally, UBS Group reiterated a “neutral” rating and issued a $40.00 target price (up previously from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Two 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’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $39.79.

Bank of America Company Profile

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.