Atticus Wealth Management LLC Sells 2,000 Shares of Bank of America Co. (NYSE:BAC)

Atticus Wealth Management LLC lessened its stake in shares of Bank of America Co. (NYSE:BAC) by 47.8% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,181 shares of the financial services provider’s stock after selling 2,000 shares during the period. 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 recently modified their holdings of the stock. Sherbrooke Park Advisers LLC bought a new position in Bank of America in the third quarter worth approximately $410,000. Caisse DE Depot ET Placement DU Quebec raised its stake in Bank of America by 103.6% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,650,335 shares of the financial services provider’s stock worth $45,186,000 after buying an additional 839,635 shares in the last quarter. United Services Automobile Association raised its stake in Bank of America by 11.1% in the third quarter. United Services Automobile Association now owns 184,523 shares of the financial services provider’s stock worth $5,052,000 after buying an additional 18,504 shares in the last quarter. Quadrature Capital Ltd raised its stake in Bank of America by 25.0% in the third quarter. Quadrature Capital Ltd now owns 612,159 shares of the financial services provider’s stock worth $16,761,000 after buying an additional 122,501 shares in the last quarter. Finally, AQR Capital Management LLC grew its holdings in Bank of America by 231.8% in the third quarter. AQR Capital Management LLC now owns 4,502,265 shares of the financial services provider’s stock worth $123,272,000 after purchasing an additional 3,145,432 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Wells Fargo & Company lifted their price target on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Oppenheimer lifted their price target on shares of Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a report on Tuesday, April 30th. Piper Sandler lifted their price target on shares of Bank of America from $35.00 to $37.00 and gave the stock an “underweight” rating in a report on Tuesday, June 4th. Evercore ISI lifted their price target on shares of Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. Finally, BMO Capital Markets lifted their price target on shares of Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a report on Thursday, April 18th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Bank of America presently has an average rating of “Hold” and an average target price of $39.79.

Bank of America Stock Performance

NYSE:BAC traded up $0.52 during mid-day trading on Friday, hitting $39.77. The company’s stock had a trading volume of 52,028,200 shares, compared to its average volume of 35,164,596. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $40.34. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The stock has a market cap of $311.02 billion, a price-to-earnings ratio of 13.76, a PEG ratio of 1.50 and a beta of 1.36. The business’s fifty day moving average is $38.91 and its two-hundred day moving average is $36.10.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate 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 analyst estimates of $25.49 billion. During the same period in the prior year, the company earned $0.94 earnings per share. The firm’s revenue was down 1.7% on a year-over-year basis. Analysts anticipate that Bank of America Co. will post 3.22 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders 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 dividend payout ratio (DPR) is currently 33.22%.

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