Future Financial Wealth Managment LLC Sells 990 Shares of Bank of America Co. (NYSE:BAC)

Future Financial Wealth Managment LLC reduced its position in shares of Bank of America Co. (NYSE:BAC) by 14.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 5,641 shares of the financial services provider’s stock after selling 990 shares during the quarter. Future Financial Wealth Managment LLC’s holdings in Bank of America were worth $214,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brookstone Capital Management increased its stake in shares of Bank of America by 9.1% in the 1st quarter. Brookstone Capital Management now owns 175,876 shares of the financial services provider’s stock valued at $6,669,000 after acquiring an additional 14,627 shares during the last quarter. RMR Wealth Builders increased its stake in shares of Bank of America by 40.5% in the 1st quarter. RMR Wealth Builders now owns 53,294 shares of the financial services provider’s stock valued at $2,031,000 after acquiring an additional 15,361 shares during the last quarter. Sunbelt Securities Inc. increased its stake in shares of Bank of America by 6.0% in the 1st quarter. Sunbelt Securities Inc. now owns 31,791 shares of the financial services provider’s stock valued at $1,205,000 after acquiring an additional 1,805 shares during the last quarter. Atlas Capital Advisors LLC increased its stake in shares of Bank of America by 39.5% in the 1st quarter. Atlas Capital Advisors LLC now owns 4,239 shares of the financial services provider’s stock valued at $161,000 after acquiring an additional 1,200 shares during the last quarter. Finally, Chemistry Wealth Management LLC increased its stake in shares of Bank of America by 0.3% in the 1st quarter. Chemistry Wealth Management LLC now owns 109,541 shares of the financial services provider’s stock valued at $4,154,000 after acquiring an additional 310 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Performance

BAC traded down $0.64 during trading hours on Tuesday, reaching $39.38. The company’s stock had a trading volume of 30,919,233 shares, compared to its average volume of 38,893,352. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $40.34. The company’s 50-day moving average is $38.71 and its 200-day moving average is $35.95. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The firm has a market cap of $307.97 billion, a PE ratio of 13.63, a price-to-earnings-growth ratio of 1.76 and a beta of 1.36.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. During the same quarter in the prior year, the business earned $0.94 EPS. The firm’s revenue for the quarter was down 1.7% on a year-over-year basis. On average, equities analysts forecast that Bank of America Co. will post 3.21 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.44%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. UBS Group reaffirmed a “neutral” rating and issued a $40.00 price target (up from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. StockNews.com lowered Bank of America from a “hold” rating to a “sell” rating in a research report on Monday, May 20th. HSBC reiterated a “hold” rating and issued a $39.00 price objective (up from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. BMO Capital Markets boosted their price objective on Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research report on Thursday, April 18th. Finally, Evercore ISI boosted their price objective on Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $39.79.

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