Bank of America Co. (NYSE:BAC) Stock Holdings Cut by White Pine Capital LLC

White Pine Capital LLC reduced its position in shares of Bank of America Co. (NYSE:BAC) by 4.0% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 41,323 shares of the financial services provider’s stock after selling 1,722 shares during the quarter. White Pine Capital LLC’s holdings in Bank of America were worth $1,391,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BAC. Fortis Group Advisors LLC bought a new stake in shares of Bank of America during the 3rd quarter worth $25,000. Criterion Capital Advisors LLC bought a new stake in shares of Bank of America during the 4th quarter worth $32,000. Glass Jacobson Investment Advisors llc boosted its stake in shares of Bank of America by 98.1% during the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 504 shares in the last quarter. ZRC Wealth Management LLC boosted its stake in shares of Bank of America by 192.3% during the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 750 shares in the last quarter. Finally, Private Ocean LLC boosted its stake in shares of Bank of America by 34.0% during the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 325 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of research analyst reports. Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $32.00 to $41.00 in a report on Tuesday, January 30th. Oppenheimer reduced their target price on Bank of America from $46.00 to $45.00 and set an “outperform” rating for the company in a report on Wednesday, April 17th. UBS Group restated a “neutral” rating and issued a $40.00 target price (up previously from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Jefferies Financial Group increased their target price on Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a report on Monday, April 8th. Finally, BMO Capital Markets increased their target price on Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a report on Thursday, April 18th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $38.53.

Bank of America Trading Down 0.2 %

NYSE:BAC traded down $0.08 during trading hours on Friday, hitting $37.83. 28,668,680 shares of the stock were exchanged, compared to its average volume of 40,953,860. The company’s 50 day moving average is $36.13 and its two-hundred day moving average is $32.72. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $38.49. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a market capitalization of $298.50 billion, a P/E ratio of 13.09, a price-to-earnings-growth ratio of 1.70 and a beta of 1.39.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.77 by $0.06. The company had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.94 EPS. On average, sell-side analysts anticipate that Bank of America Co. will post 3.19 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.54%. The ex-dividend date is Friday, June 7th. Bank of America’s payout ratio is 33.22%.

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.