Montag A & Associates Inc. Has $6.16 Million Position in Bank of America (BAC)

Montag A & Associates Inc. cut its stake in shares of Bank of America (NYSE:BAC) by 24.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 205,462 shares of the financial services provider’s stock after selling 67,160 shares during the quarter. Montag A & Associates Inc.’s holdings in Bank of America were worth $6,162,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently modified their holdings of BAC. Ballew Advisors Inc bought a new position in Bank of America during the 1st quarter valued at approximately $129,000. Burt Wealth Advisors raised its position in Bank of America by 4,013.1% during the 3rd quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock valued at $112,000 after purchasing an additional 4,294 shares during the last quarter. HWG Holdings LP bought a new position in Bank of America during the 3rd quarter valued at approximately $116,000. Avestar Capital LLC bought a new position in Bank of America during the 4th quarter valued at approximately $135,000. Finally, Gradient Investments LLC bought a new position in Bank of America during the 4th quarter valued at approximately $150,000. Institutional investors own 67.22% of the company’s stock.

Bank of America opened at $30.44 on Thursday, Marketbeat reports. Bank of America has a twelve month low of $22.07 and a twelve month high of $33.05. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.92 and a quick ratio of 0.91. The company has a market cap of $316.43 billion, a P/E ratio of 16.63, a P/E/G ratio of 1.51 and a beta of 1.37.



Bank of America (NYSE:BAC) last posted its quarterly earnings data on Monday, April 16th. The financial services provider reported $0.62 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.03. Bank of America had a return on equity of 9.40% and a net margin of 19.65%. The company had revenue of $23.10 billion during the quarter, compared to analyst estimates of $23.04 billion. During the same quarter last year, the company earned $0.41 EPS. The firm’s revenue for the quarter was up 4.1% on a year-over-year basis. equities research analysts forecast that Bank of America will post 2.55 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Investors of record on Friday, June 1st will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.58%. The ex-dividend date of this dividend is Thursday, May 31st. Bank of America’s dividend payout ratio (DPR) is presently 26.23%.

A number of research analysts have commented on the company. Jefferies Group reaffirmed a “buy” rating and set a $34.00 price target on shares of Bank of America in a research report on Tuesday, April 17th. Vetr lowered Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.17 price target for the company. in a research report on Tuesday, April 17th. ValuEngine lowered Bank of America from a “buy” rating to a “hold” rating in a research report on Wednesday, April 18th. Vining Sparks assumed coverage on Bank of America in a research report on Monday, April 16th. They set a “buy” rating and a $35.00 price target for the company. Finally, Citigroup upped their price target on Bank of America from $32.00 to $34.00 and gave the company a “neutral” rating in a research report on Tuesday, April 24th. Nine investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $32.13.

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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