Sequoia Financial Advisors LLC Sells 70,138 Shares of Bank of America Corp (NYSE:BAC)

Sequoia Financial Advisors LLC reduced its position in shares of Bank of America Corp (NYSE:BAC) by 58.8% during the 1st quarter, HoldingsChannel.com reports. The fund owned 49,212 shares of the financial services provider’s stock after selling 70,138 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Bank of America were worth $1,045,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. MainStreet Investment Advisors LLC bought a new stake in Bank of America during the first quarter worth $1,384,000. Banco Santander S.A. raised its position in shares of Bank of America by 78.1% in the first quarter. Banco Santander S.A. now owns 406,673 shares of the financial services provider’s stock valued at $8,635,000 after purchasing an additional 178,309 shares during the period. Fiduciary Group LLC raised its position in shares of Bank of America by 16.6% in the first quarter. Fiduciary Group LLC now owns 126,820 shares of the financial services provider’s stock valued at $2,692,000 after purchasing an additional 18,092 shares during the period. Heritage Trust Co raised its position in shares of Bank of America by 4.6% in the first quarter. Heritage Trust Co now owns 38,936 shares of the financial services provider’s stock valued at $827,000 after purchasing an additional 1,700 shares during the period. Finally, Cardan Capital Partners LLC raised its position in shares of Bank of America by 28.4% in the first quarter. Cardan Capital Partners LLC now owns 17,237 shares of the financial services provider’s stock valued at $366,000 after purchasing an additional 3,815 shares during the period. 70.08% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America stock traded down $0.24 during trading hours on Friday, reaching $22.66. 48,083,035 shares of the stock were exchanged, compared to its average volume of 63,654,284. The company has a market cap of $198.67 billion, a P/E ratio of 9.29, a price-to-earnings-growth ratio of 2.22 and a beta of 1.60. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 1.06. Bank of America Corp has a twelve month low of $17.95 and a twelve month high of $35.72. The stock has a 50 day moving average of $22.58 and a two-hundred day moving average of $29.41.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $0.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.20). The firm had revenue of $22.77 billion for the quarter, compared to analyst estimates of $22.58 billion. Bank of America had a return on equity of 10.64% and a net margin of 21.64%. The company’s quarterly revenue was down 1.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.70 earnings per share. On average, analysts expect that Bank of America Corp will post 1.48 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be paid a $0.18 dividend. The ex-dividend date is Thursday, June 4th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.18%. Bank of America’s payout ratio is currently 24.49%.

BAC has been the topic of several research analyst reports. Wolfe Research lowered shares of Bank of America from an “outperform” rating to a “market perform” rating in a research report on Wednesday, March 25th. Morgan Stanley dropped their price objective on shares of Bank of America from $30.00 to $23.00 and set an “overweight” rating on the stock in a research report on Friday, March 27th. Oppenheimer increased their price objective on shares of Bank of America from $30.00 to $33.00 and gave the company an “outperform” rating in a research report on Thursday, April 16th. Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and set a $34.00 price objective on the stock in a research report on Tuesday, March 17th. Finally, ValuEngine lowered shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Tuesday, May 12th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have given a buy rating to the company’s stock. Bank of America has a consensus rating of “Hold” and an average price target of $29.74.

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

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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