Foundations Investment Advisors LLC Decreases Stock Position in Bank of America Co. (NYSE:BAC)

Foundations Investment Advisors LLC cut its holdings in Bank of America Co. (NYSE:BACGet Rating) by 12.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 12,328 shares of the financial services provider’s stock after selling 1,773 shares during the quarter. Foundations Investment Advisors LLC’s holdings in Bank of America were worth $382,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bromfield Sneider Wealth Advisors purchased a new stake in Bank of America in the first quarter valued at about $26,000. Corbenic Partners LLC increased its holdings in shares of Bank of America by 201.9% in the first quarter. Corbenic Partners LLC now owns 631 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 422 shares during the period. Bivin & Associates Inc. acquired a new position in shares of Bank of America in the fourth quarter valued at about $28,000. Oliver Lagore Vanvalin Investment Group acquired a new position in shares of Bank of America in the first quarter valued at about $26,000. Finally, Capital Management Associates NY acquired a new position in shares of Bank of America in the first quarter valued at about $31,000. 68.48% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BAC has been the topic of a number of research reports. Jefferies Financial Group cut their price objective on Bank of America from $43.00 to $33.00 in a report on Monday, July 11th. Deutsche Bank Aktiengesellschaft dropped their target price on Bank of America from $51.00 to $45.00 and set a “buy” rating on the stock in a report on Monday, September 12th. Piper Sandler dropped their target price on Bank of America from $51.00 to $47.00 and set an “overweight” rating on the stock in a report on Friday, July 1st. Credit Suisse Group dropped their target price on Bank of America from $45.00 to $43.00 and set an “outperform” rating on the stock in a report on Tuesday, July 19th. Finally, Barclays dropped their target price on Bank of America from $58.00 to $51.00 and set an “overweight” rating on the stock in a report on Tuesday, July 19th. Six investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and an average target price of $46.58.

Bank of America Stock Performance

NYSE BAC opened at $34.12 on Friday. The company has a market cap of $274.16 billion, a PE ratio of 10.66, a price-to-earnings-growth ratio of 1.52 and a beta of 1.37. The stock’s 50 day simple moving average is $33.92 and its 200-day simple moving average is $36.05. Bank of America Co. has a 1-year low of $29.67 and a 1-year high of $50.11. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.74 and a quick ratio of 0.74.

Bank of America (NYSE:BACGet Rating) last announced its quarterly earnings data on Monday, July 18th. The financial services provider reported $0.73 EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $22.69 billion for the quarter, compared to analysts’ expectations of $22.79 billion. During the same quarter in the previous year, the business posted $1.03 EPS. The business’s quarterly revenue was up 5.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Bank of America Co. will post 3.2 EPS for the current fiscal year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 2nd will be given a dividend of $0.22 per share. This is an increase from Bank of America’s previous quarterly dividend of $0.21. The ex-dividend date is Thursday, September 1st. This represents a $0.88 dividend on an annualized basis and a yield of 2.58%. Bank of America’s dividend payout ratio (DPR) is presently 27.50%.

Bank of America 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.

Further Reading

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

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