Financial Advisors LLC Decreases Position in Bank of America Co. (NYSE:BAC)

Financial Advisors LLC reduced its position in shares of Bank of America Co. (NYSE:BAC) by 4.1% during the 4th quarter, Holdings Channel.com reports. The firm owned 8,061 shares of the financial services provider’s stock after selling 345 shares during the quarter. Financial Advisors LLC’s holdings in Bank of America were worth $271,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Fortis Group Advisors LLC acquired a new position in shares of Bank of America in the 3rd quarter valued at approximately $25,000. Glass Jacobson Investment Advisors llc lifted its stake in Bank of America by 98.1% in the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 504 shares during the last quarter. Criterion Capital Advisors LLC acquired a new position in Bank of America during the fourth quarter worth $32,000. ZRC Wealth Management LLC raised its stake in shares of Bank of America by 192.3% in the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 750 shares in the last quarter. Finally, Private Ocean LLC boosted its holdings 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 buying an additional 325 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Trading Down 0.2 %

Shares of NYSE:BAC traded down $0.08 during midday trading on Friday, hitting $37.83. 28,668,680 shares of the stock were exchanged, compared to its average volume of 40,953,860. The business’s 50-day moving average price is $36.13 and its 200 day moving average price is $32.76. The stock has a market capitalization of $298.50 billion, a price-to-earnings ratio of 13.09, a P/E/G ratio of 1.69 and a beta of 1.39. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $38.49. 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 (NYSE:BAC) last released its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. During the same quarter in the previous year, the company earned $0.94 EPS. Bank of America’s quarterly revenue was down 1.7% compared to the same quarter last year. Analysts predict that Bank of America Co. will post 3.19 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.54%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is currently 33.22%.

Analysts Set New Price Targets

Several analysts have weighed in on BAC shares. Wells Fargo & Company upped their price objective on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. UBS Group reiterated a “neutral” rating and set a $40.00 target price (up from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Evercore ISI raised their price target on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. Wolfe Research raised shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective for the company in a research report on Friday, April 19th. Finally, HSBC reissued a “hold” rating and issued a $39.00 target price (up from $38.00) on shares of Bank of America in a report on Thursday, March 28th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat, Bank of America has an average rating of “Hold” and a consensus target price 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.