Investors Research Corp Sells 489 Shares of Bank of America Co. (NYSE:BAC)

Investors Research Corp decreased its position in Bank of America Co. (NYSE:BACGet Rating) by 2.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,134 shares of the financial services provider’s stock after selling 489 shares during the quarter. Investors Research Corp’s holdings in Bank of America were worth $747,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BAC. Bromfield Sneider Wealth Advisors purchased a new position in shares of Bank of America in the 1st quarter worth about $26,000. Bivin & Associates Inc. purchased a new stake in Bank of America during the fourth quarter valued at about $28,000. Cassady Schiller Wealth Management LLC purchased a new stake in Bank of America during the fourth quarter valued at about $39,000. Crewe Advisors LLC lifted its holdings in Bank of America by 198.0% during the fourth quarter. Crewe Advisors LLC now owns 894 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 594 shares during the last quarter. Finally, Rinkey Investments purchased a new stake in Bank of America during the fourth quarter valued at about $44,000. Hedge funds and other institutional investors own 70.46% of the company’s stock.

BAC has been the topic of several recent research reports. Morgan Stanley raised shares of Bank of America from an “underweight” rating to an “equal weight” rating and dropped their price objective for the company from $51.00 to $49.00 in a report on Monday, March 28th. BMO Capital Markets lowered their price target on shares of Bank of America from $48.00 to $46.00 and set a “market perform” rating on the stock in a report on Tuesday, April 19th. The Goldman Sachs Group lowered their price target on shares of Bank of America from $52.00 to $51.00 and set a “buy” rating on the stock in a report on Wednesday, April 20th. Oppenheimer lowered their price target on shares of Bank of America from $52.00 to $50.00 in a report on Tuesday, May 3rd. Finally, StockNews.com initiated coverage on shares of Bank of America in a report on Thursday, March 31st. They issued a “hold” rating on the stock. Eight investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $50.10.

Shares of NYSE BAC opened at $32.60 on Thursday. Bank of America Co. has a one year low of $30.86 and a one year high of $50.11. The company has a debt-to-equity ratio of 1.16, a current ratio of 0.74 and a quick ratio of 0.74. The firm’s 50 day simple moving average is $35.77 and its two-hundred day simple moving average is $41.44. The stock has a market capitalization of $262.65 billion, a P/E ratio of 9.31, a PEG ratio of 1.40 and a beta of 1.38.

Bank of America (NYSE:BACGet Rating) last issued its earnings results on Monday, April 18th. The financial services provider reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.04. Bank of America had a net margin of 32.84% and a return on equity of 12.55%. The firm had revenue of $23.20 billion for the quarter, compared to analysts’ expectations of $23.09 billion. During the same quarter last year, the business earned $0.86 earnings per share. The business’s revenue was up 1.8% on a year-over-year basis. As a group, equities analysts expect that Bank of America Co. will post 3.34 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 24th. Investors of record on Friday, June 3rd will be paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date of this dividend is Thursday, June 2nd. Bank of America’s payout ratio is 24.00%.

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.

Further Reading

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

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