Graybill Bartz & Assoc Ltd. Sells 2,475 Shares of Bank of America Corp (NYSE:BAC)

Graybill Bartz & Assoc Ltd. reduced its holdings in Bank of America Corp (NYSE:BAC) by 2.0% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 119,263 shares of the financial services provider’s stock after selling 2,475 shares during the quarter. Bank of America accounts for about 2.1% of Graybill Bartz & Assoc Ltd.’s investment portfolio, making the stock its 25th largest position. Graybill Bartz & Assoc Ltd.’s holdings in Bank of America were worth $2,833,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Capital Bank & Trust Co increased its stake in Bank of America by 0.8% in the 4th quarter. Capital Bank & Trust Co now owns 40,417 shares of the financial services provider’s stock worth $1,423,000 after acquiring an additional 310 shares during the last quarter. Truewealth LLC increased its position in shares of Bank of America by 1.4% during the 2nd quarter. Truewealth LLC now owns 29,756 shares of the financial services provider’s stock valued at $707,000 after purchasing an additional 412 shares during the last quarter. Capital Square LLC increased its position in shares of Bank of America by 4.8% during the 1st quarter. Capital Square LLC now owns 9,617 shares of the financial services provider’s stock valued at $204,000 after purchasing an additional 443 shares during the last quarter. Cypress Wealth Services LLC increased its position in shares of Bank of America by 2.7% during the 2nd quarter. Cypress Wealth Services LLC now owns 17,077 shares of the financial services provider’s stock valued at $406,000 after purchasing an additional 449 shares during the last quarter. Finally, Game Plan Financial Advisors LLC increased its position in shares of Bank of America by 3.3% during the 1st quarter. Game Plan Financial Advisors LLC now owns 14,160 shares of the financial services provider’s stock valued at $300,000 after purchasing an additional 450 shares during the last quarter. Institutional investors and hedge funds own 68.99% of the company’s stock.

Several brokerages have recently commented on BAC. Credit Suisse Group reiterated a “buy” rating and set a $31.00 price objective on shares of Bank of America in a research report on Friday, April 17th. Barclays reiterated a “buy” rating and set a $33.00 price objective on shares of Bank of America in a research report on Thursday, April 9th. Royal Bank of Canada reiterated a “buy” rating and set a $28.00 price objective on shares of Bank of America in a research report on Monday. Wolfe Research lowered Bank of America from an “outperform” rating to a “market perform” rating in a research report on Wednesday, March 25th. Finally, Wells Fargo & Co lowered Bank of America to a “sell” rating in a research report on Friday, July 10th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and thirteen have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $29.47.

NYSE BAC traded up $0.36 on Monday, hitting $23.58. The company’s stock had a trading volume of 61,054,300 shares, compared to its average volume of 77,059,523. Bank of America Corp has a 52-week low of $17.95 and a 52-week high of $35.72. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 1.08. The company’s 50-day simple moving average is $24.64 and its 200 day simple moving average is $26.70. The firm has a market cap of $204.57 billion, a P/E ratio of 11.39, a PEG ratio of 2.27 and a beta of 1.59.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Thursday, July 16th. The financial services provider reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.09. Bank of America had a return on equity of 9.11% and a net margin of 19.09%. The business had revenue of $22.30 billion during the quarter, compared to analysts’ expectations of $21.71 billion. During the same quarter last year, the business posted $0.74 EPS. The business’s revenue was down 3.5% on a year-over-year basis. On average, research analysts forecast that Bank of America Corp will post 1.46 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 5th were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.05%. The ex-dividend date was Thursday, June 4th. Bank of America’s payout ratio is presently 24.49%.

Bank of America 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 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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