Bank of America Co. (NYSE:BAC) Shares Sold by Great Valley Advisor Group Inc.

Great Valley Advisor Group Inc. decreased its stake in Bank of America Co. (NYSE:BAC) by 8.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 275,787 shares of the financial services provider’s stock after selling 24,367 shares during the period. Great Valley Advisor Group Inc.’s holdings in Bank of America were worth $9,286,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Brookstone Capital Management grew its holdings in shares of Bank of America by 97.4% during the third quarter. Brookstone Capital Management now owns 158,100 shares of the financial services provider’s stock worth $4,262,000 after buying an additional 78,012 shares in the last quarter. Vicus Capital grew its holdings in shares of Bank of America by 13.8% during the third quarter. Vicus Capital now owns 11,502 shares of the financial services provider’s stock worth $315,000 after buying an additional 1,397 shares in the last quarter. Hoey Investments Inc. grew its holdings in shares of Bank of America by 4.0% during the third quarter. Hoey Investments Inc. now owns 248,038 shares of the financial services provider’s stock worth $6,791,000 after buying an additional 9,508 shares in the last quarter. Verus Financial Partners Inc. grew its holdings in shares of Bank of America by 3.5% during the third quarter. Verus Financial Partners Inc. now owns 11,936 shares of the financial services provider’s stock worth $319,000 after buying an additional 400 shares in the last quarter. Finally, Tectonic Advisors LLC grew its holdings in shares of Bank of America by 5.0% during the third quarter. Tectonic Advisors LLC now owns 23,822 shares of the financial services provider’s stock worth $652,000 after buying an additional 1,136 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Down 0.2 %

BAC traded down $0.06 during trading on Wednesday, hitting $36.95. 32,182,780 shares of the company’s stock were exchanged, compared to its average volume of 41,025,328. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $38.49. The stock has a 50 day moving average price of $36.26 and a 200 day moving average price of $32.95. The firm has a market cap of $291.56 billion, a P/E ratio of 12.89, a price-to-earnings-growth ratio of 1.68 and a beta of 1.39.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping 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 business had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. During the same period in the previous year, the company posted $0.94 earnings per share. The business’s revenue for the quarter was down 1.7% compared to the same quarter last year. As a group, analysts expect that Bank of America Co. will post 3.19 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.60%. Bank of America’s payout ratio is currently 33.22%.

Wall Street Analyst Weigh In

BAC has been the subject of a number of recent research reports. UBS Group reiterated a “neutral” rating and set a $40.00 price target (up from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. Wolfe Research upgraded shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price for the company in a report on Friday, April 19th. Oppenheimer boosted their target price on shares of Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Tuesday. Finally, JPMorgan Chase & Co. boosted their target price on shares of Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $38.70.

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.