Hillsdale Investment Management Inc. Cuts Stock Position in Bank of America Co. (NYSE:BAC)

Hillsdale Investment Management Inc. lessened its holdings in Bank of America Co. (NYSE:BAC) by 17.7% during the first quarter, HoldingsChannel.com reports. The fund owned 8,035 shares of the financial services provider’s stock after selling 1,730 shares during the quarter. Hillsdale Investment Management Inc.’s holdings in Bank of America were worth $305,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in BAC. Delos Wealth Advisors LLC raised its stake in shares of Bank of America by 402.2% in the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 547 shares during the period. Livelsberger Financial Advisory purchased a new position in shares of Bank of America in the 4th quarter valued at $28,000. Criterion Capital Advisors LLC purchased a new position in shares of Bank of America in the 4th quarter valued at $32,000. Northwest Investment Counselors LLC purchased a new position in shares of Bank of America in the 1st quarter valued at $33,000. Finally, Clearstead Trust LLC raised its stake in shares of Bank of America by 1,489.3% in the 1st quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 834 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Activity

In other news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of Bank of America stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $43.13, for a total value of $530,145,635.91. Following the completion of the transaction, the insider now directly owns 998,961,079 shares of the company’s stock, valued at approximately $43,085,191,337.27. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last three months, insiders sold 24,984,363 shares of company stock valued at $1,089,448,152. Company insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on BAC shares. Royal Bank of Canada lifted their price target on shares of Bank of America from $39.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 17th. Cfra reaffirmed a “sell” rating and set a $39.00 price target on shares of Bank of America in a research note on Tuesday, July 16th. UBS Group reaffirmed a “neutral” rating and set a $40.00 price target (up previously from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. Finally, Barclays lifted their price target on shares of Bank of America from $43.00 to $49.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $41.92.

Bank of America Stock Performance

Shares of NYSE BAC traded down $0.59 during midday trading on Monday, hitting $42.31. The company’s stock had a trading volume of 42,827,326 shares, compared to its average volume of 38,855,598. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $44.44. The firm’s fifty day moving average price is $40.20 and its 200-day moving average price is $37.05. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.79 and a current ratio of 0.80. The firm has a market cap of $330.84 billion, a P/E ratio of 14.64, a P/E/G ratio of 1.63 and a beta of 1.35.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.79 by $0.04. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The business had revenue of $25.38 billion during the quarter, compared to analyst estimates of $25.22 billion. During the same period in the previous year, the business posted $0.88 EPS. The company’s quarterly revenue was up .7% on a year-over-year basis. On average, sell-side analysts forecast that Bank of America Co. will post 3.24 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.27%. The ex-dividend date of this dividend was Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

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.