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PFS Investments Inc. Sells 74,089 Shares of Bank of America Co. (NYSE:BAC)

PFS Investments Inc. trimmed its stake in Bank of America Co. (NYSE:BAC) by 9.9% in the first quarter, HoldingsChannel reports. The firm owned 672,866 shares of the financial services provider’s stock after selling 74,089 shares during the period. PFS Investments Inc.’s holdings in Bank of America were worth $27,736,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the stock. Proficio Capital Partners LLC grew its holdings in Bank of America by 33.2% in the first quarter. Proficio Capital Partners LLC now owns 49,505 shares of the financial services provider’s stock worth $2,041,000 after purchasing an additional 12,336 shares during the period. Fort Point Capital Partners LLC grew its holdings in shares of Bank of America by 2.2% during the first quarter. Fort Point Capital Partners LLC now owns 15,918 shares of the financial services provider’s stock valued at $656,000 after buying an additional 336 shares during the last quarter. Renaissance Technologies LLC grew its holdings in shares of Bank of America by 29.0% during the first quarter. Renaissance Technologies LLC now owns 6,800,366 shares of the financial services provider’s stock valued at $280,311,000 after buying an additional 1,530,300 shares during the last quarter. Bluesphere Advisors LLC grew its holdings in shares of Bank of America by 23.5% during the first quarter. Bluesphere Advisors LLC now owns 7,445 shares of the financial services provider’s stock valued at $307,000 after buying an additional 1,418 shares during the last quarter. Finally, Turim 21 Investimentos Ltda. grew its holdings in shares of Bank of America by 15.5% during the first quarter. Turim 21 Investimentos Ltda. now owns 3,991 shares of the financial services provider’s stock valued at $165,000 after buying an additional 537 shares during the last quarter. 68.48% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of BAC stock opened at $34.94 on Friday. The firm has a market cap of $280.75 billion, a price-to-earnings ratio of 10.92, a P/E/G ratio of 1.50 and a beta of 1.37. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.74 and a current ratio of 0.74. Bank of America Co. has a 52 week low of $29.67 and a 52 week high of $50.11. The firm’s 50-day simple moving average is $33.63 and its two-hundred day simple moving average is $36.39.

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 the consensus estimate 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 during the quarter, compared to the consensus estimate of $22.79 billion. During the same period in the prior year, the firm posted $1.03 EPS. The business’s revenue was up 5.7% on a year-over-year basis. As a group, equities analysts forecast that Bank of America Co. will post 3.2 earnings per share for the current year.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Friday, September 2nd will be given a $0.22 dividend. The ex-dividend date is Thursday, September 1st. This represents a $0.88 annualized dividend and a dividend yield of 2.52%. This is a positive change from Bank of America’s previous quarterly dividend of $0.21. Bank of America’s payout ratio is 27.50%.

Analysts Set New Price Targets

BAC has been the subject of a number of analyst reports. Royal Bank of Canada reduced their price objective on shares of Bank of America from $45.00 to $40.00 in a report on Tuesday, July 19th. Piper Sandler reduced their price objective on shares of Bank of America from $51.00 to $47.00 and set an “overweight” rating for the company in a report on Friday, July 1st. Barclays reduced their price objective on shares of Bank of America from $58.00 to $51.00 and set an “overweight” rating for the company in a report on Tuesday, July 19th. Morgan Stanley cut their price target on shares of Bank of America from $47.00 to $40.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 12th. Finally, Societe Generale upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $37.50 price target on the stock in a report on Monday, July 11th. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.66.

Bank of America Profile

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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.

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