Blodgett Wealth Advisors LLC Sells 8,059 Shares of Bank of America Co. (NYSE:BAC)

Blodgett Wealth Advisors LLC lowered its stake in Bank of America Co. (NYSE:BAC) by 49.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,161 shares of the financial services provider’s stock after selling 8,059 shares during the period. Blodgett Wealth Advisors LLC’s holdings in Bank of America were worth $275,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of BAC. Herold Advisors Inc. boosted its position in Bank of America by 1.4% during the 4th quarter. Herold Advisors Inc. now owns 47,093 shares of the financial services provider’s stock valued at $1,586,000 after acquiring an additional 661 shares in the last quarter. Bryn Mawr Capital Management LLC boosted its position in shares of Bank of America by 18.0% in the 4th quarter. Bryn Mawr Capital Management LLC now owns 52,018 shares of the financial services provider’s stock worth $1,751,000 after purchasing an additional 7,920 shares in the last quarter. Gould Asset Management LLC CA bought a new stake in shares of Bank of America in the 4th quarter worth approximately $237,000. Van Cleef Asset Management Inc boosted its position in shares of Bank of America by 32.4% in the 4th quarter. Van Cleef Asset Management Inc now owns 28,096 shares of the financial services provider’s stock worth $946,000 after purchasing an additional 6,875 shares in the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich boosted its position in shares of Bank of America by 4.5% in the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 107,056 shares of the financial services provider’s stock worth $3,605,000 after purchasing an additional 4,571 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of BAC traded down $0.09 during midday trading on Friday, hitting $37.82. 28,659,995 shares of the company traded hands, compared to its average volume of 41,444,340. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $38.49. The firm has a 50 day moving average of $36.13 and a 200-day moving average of $32.72. The stock has a market cap of $298.42 billion, a price-to-earnings ratio of 13.09, a PEG ratio of 1.72 and a beta of 1.39.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The company had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.94 EPS. On average, analysts forecast that Bank of America Co. will post 3.19 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.54%. Bank of America’s dividend payout ratio (DPR) is 33.22%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on BAC. BMO Capital Markets upped their price objective on Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research report on Thursday, April 18th. HSBC reaffirmed a “hold” rating and issued a $39.00 price objective (up from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $32.00 to $41.00 in a research note on Tuesday, January 30th. Oppenheimer decreased their target price on shares of Bank of America from $46.00 to $45.00 and set an “outperform” rating for the company in a research note on Wednesday, April 17th. Finally, Jefferies Financial Group boosted their target price on shares of Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research note on Monday, April 8th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, Bank of America presently has an average rating of “Hold” and a consensus price target of $38.53.

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.