Shepherd Financial Partners LLC Has $2.38 Million Holdings in Bank of America (BAC)

Shepherd Financial Partners LLC lowered its position in Bank of America (NYSE:BAC) by 3.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 79,477 shares of the financial services provider’s stock after selling 2,531 shares during the period. Bank of America comprises approximately 0.6% of Shepherd Financial Partners LLC’s investment portfolio, making the stock its 28th biggest position. Shepherd Financial Partners LLC’s holdings in Bank of America were worth $2,380,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the business. Checchi Capital Advisers LLC raised its position in shares of Bank of America by 6.8% during the 1st quarter. Checchi Capital Advisers LLC now owns 91,918 shares of the financial services provider’s stock worth $2,757,000 after purchasing an additional 5,841 shares during the last quarter. Allen Capital Group LLC raised its position in shares of Bank of America by 25.9% during the 1st quarter. Allen Capital Group LLC now owns 29,099 shares of the financial services provider’s stock worth $873,000 after purchasing an additional 5,991 shares during the last quarter. FSI Group LLC raised its position in shares of Bank of America by 45.2% during the 1st quarter. FSI Group LLC now owns 298,840 shares of the financial services provider’s stock worth $8,962,000 after purchasing an additional 92,999 shares during the last quarter. FormulaFolio Investments LLC raised its position in shares of Bank of America by 32.2% during the 1st quarter. FormulaFolio Investments LLC now owns 30,728 shares of the financial services provider’s stock worth $922,000 after purchasing an additional 7,482 shares during the last quarter. Finally, Putnam FL Investment Management Co. raised its position in shares of Bank of America by 2.9% during the 1st quarter. Putnam FL Investment Management Co. now owns 243,860 shares of the financial services provider’s stock worth $7,313,000 after purchasing an additional 6,769 shares during the last quarter. Institutional investors and hedge funds own 69.96% of the company’s stock.

Get Bank of America alerts:

Bank of America opened at $30.89 on Friday, MarketBeat.com reports. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.96. The firm has a market cap of $314.69 billion, a P/E ratio of 16.88, a PEG ratio of 1.50 and a beta of 1.37.

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

The company also recently declared a quarterly dividend, which will be paid on Friday, June 29th. Stockholders of record on Friday, June 1st will be paid a $0.12 dividend. The ex-dividend date is Thursday, May 31st. This represents a $0.48 annualized dividend and a dividend yield of 1.55%. Bank of America’s dividend payout ratio (DPR) is 26.23%.

Several research analysts recently weighed in on the stock. ValuEngine downgraded shares of Bank of America from a “buy” rating to a “hold” rating in a research report on Tuesday, January 16th. Barclays increased their price objective on shares of Bank of America from $35.00 to $37.00 and gave the company an “equal weight” rating in a report on Tuesday, April 17th. Royal Bank of Canada increased their price objective on shares of Bank of America to $35.00 and gave the company an “outperform” rating in a report on Thursday, January 18th. Vetr downgraded shares of Bank of America from a “buy” rating to a “hold” rating and set a $34.13 price objective for the company. in a report on Monday, March 12th. Finally, Vining Sparks assumed coverage on shares of Bank of America in a report on Monday, April 16th. They issued a “buy” rating and a $35.00 price objective for the company. Nine research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. Bank of America has a consensus rating of “Buy” and an average target price 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.

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America (NYSE:BAC).

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

Leave a Reply

Your email address will not be published. Required fields are marked *