Argent Wealth Management LLC lowered its holdings in Bank of America Corp (NYSE:BAC) by 2.9% in the first quarter, HoldingsChannel reports. The firm owned 22,191 shares of the financial services provider’s stock after selling 672 shares during the period. Argent Wealth Management LLC’s holdings in Bank of America were worth $475,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Cox Capital Mgt LLC purchased a new position in Bank of America in the first quarter valued at about $27,000. Center for Financial Planning Inc. boosted its holdings in Bank of America by 122.7% in the first quarter. Center for Financial Planning Inc. now owns 1,361 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 750 shares during the last quarter. Stonebridge Financial Planning Group LLC raised its stake in Bank of America by 208.0% during the first quarter. Stonebridge Financial Planning Group LLC now owns 1,494 shares of the financial services provider’s stock valued at $35,000 after buying an additional 1,009 shares in the last quarter. Sage Financial Group Inc. acquired a new stake in Bank of America during the fourth quarter valued at approximately $38,000. Finally, Firestone Capital Management raised its stake in Bank of America by 39.0% during the first quarter. Firestone Capital Management now owns 1,786 shares of the financial services provider’s stock valued at $38,000 after buying an additional 501 shares in the last quarter. 69.15% of the stock is owned by hedge funds and other institutional investors.

BAC traded down $0.48 during trading hours on Friday, hitting $24.38. The company’s stock had a trading volume of 32,014,042 shares, compared to its average volume of 65,237,976. The company has a 50-day simple moving average of $22.96 and a 200 day simple moving average of $29.15. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 1.06. The firm has a market capitalization of $225.39 billion, a PE ratio of 10.06, a PEG ratio of 2.51 and a beta of 1.60. Bank of America Corp has a fifty-two week low of $17.95 and a fifty-two week high of $35.72.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $0.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.20). The firm had revenue of $22.77 billion for the quarter, compared to the consensus estimate of $22.58 billion. Bank of America had a net margin of 21.64% and a return on equity of 10.64%. The business’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.70 earnings per share. Research analysts expect that Bank of America Corp will post 1.48 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.95%. The ex-dividend date is Thursday, June 4th. Bank of America’s payout ratio is currently 24.49%.

BAC has been the topic of several research reports. Piper Sandler cut their price objective on Bank of America from $40.00 to $27.00 and set an “overweight” rating on the stock in a research note on Friday, April 3rd. Oppenheimer upped their price objective on Bank of America from $30.00 to $33.00 and gave the company an “outperform” rating in a research note on Thursday, April 16th. BMO Capital Markets cut their price objective on Bank of America from $26.00 to $24.00 and set a “market perform” rating on the stock in a research note on Thursday, April 16th. Citigroup cut their price objective on Bank of America from $30.00 to $27.00 and set a “hold” rating on the stock in a research note on Friday, March 27th. Finally, Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and set a $34.00 price target on the stock in a research report on Tuesday, March 17th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and thirteen have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $29.42.

About Bank of America

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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

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