Atticus Wealth Management LLC Trims Position in Bank of America Co. (NYSE:BAC)

Atticus Wealth Management LLC decreased its position in shares of Bank of America Co. (NYSE:BAC) by 47.8% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 2,181 shares of the financial services provider’s stock after selling 2,000 shares during the quarter. Atticus Wealth Management LLC’s holdings in Bank of America were worth $83,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of BAC. Fortis Group Advisors LLC purchased a new position in shares of Bank of America during the third quarter valued at approximately $25,000. Livelsberger Financial Advisory purchased a new position in shares of Bank of America during the fourth quarter valued at approximately $28,000. Criterion Capital Advisors LLC purchased a new position in shares of Bank of America during the fourth quarter valued at approximately $32,000. Northwest Investment Counselors LLC purchased a new position in shares of Bank of America during the first quarter valued at approximately $33,000. Finally, Mark Sheptoff Financial Planning LLC raised its stake in Bank of America by 431.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 1,062 shares of the financial services provider’s stock worth $36,000 after purchasing an additional 862 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of Bank of America stock traded up $0.52 during trading hours on Friday, reaching $39.77. The company’s stock had a trading volume of 52,028,200 shares, compared to its average volume of 35,164,596. The company’s 50 day simple moving average is $38.91 and its 200 day simple moving average is $36.10. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. Bank of America Co. has a one year low of $24.96 and a one year high of $40.34. The stock has a market cap of $311.02 billion, a P/E ratio of 13.76, a price-to-earnings-growth ratio of 1.50 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 (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. During the same period last year, the firm posted $0.94 EPS. The company’s revenue for the quarter was down 1.7% on a year-over-year basis. As a group, analysts expect that Bank of America Co. will post 3.22 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were given a $0.24 dividend. The ex-dividend date was Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.41%. Bank of America’s payout ratio is currently 33.22%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on BAC. Piper Sandler increased their price target on shares of Bank of America from $35.00 to $37.00 and gave the stock an “underweight” rating in a research note on Tuesday, June 4th. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. StockNews.com downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Monday, May 20th. Wells Fargo & Company increased their price target on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Finally, Evercore ISI increased their price target on shares of Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research note on Thursday, April 4th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average 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.