Mine & Arao Wealth Creation & Management LLC. Sells 2,425 Shares of Bank of America Co. (NYSE:BAC)

Mine & Arao Wealth Creation & Management LLC. decreased its holdings in shares of Bank of America Co. (NYSE:BAC) by 15.3% in the fourth quarter, Holdings Channel.com reports. The firm owned 13,378 shares of the financial services provider’s stock after selling 2,425 shares during the period. Mine & Arao Wealth Creation & Management LLC.’s holdings in Bank of America were worth $450,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in BAC. Global Wealth Management Investment Advisory Inc. grew its holdings in shares of Bank of America by 1.8% during the fourth quarter. Global Wealth Management Investment Advisory Inc. now owns 221,218 shares of the financial services provider’s stock valued at $7,448,000 after buying an additional 3,840 shares during the last quarter. Cary Street Partners Asset Management LLC grew its holdings in shares of Bank of America by 17.3% during the fourth quarter. Cary Street Partners Asset Management LLC now owns 14,306 shares of the financial services provider’s stock valued at $482,000 after buying an additional 2,110 shares during the last quarter. Hexagon Capital Partners LLC boosted its holdings in Bank of America by 0.7% in the fourth quarter. Hexagon Capital Partners LLC now owns 64,816 shares of the financial services provider’s stock worth $2,182,000 after purchasing an additional 419 shares during the last quarter. Arnhold LLC boosted its holdings in Bank of America by 2.3% in the fourth quarter. Arnhold LLC now owns 300,281 shares of the financial services provider’s stock worth $10,110,000 after purchasing an additional 6,779 shares during the last quarter. Finally, Paces Ferry Wealth Advisors LLC boosted its holdings in Bank of America by 4.2% in the fourth quarter. Paces Ferry Wealth Advisors LLC now owns 10,673 shares of the financial services provider’s stock worth $359,000 after purchasing an additional 433 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

NYSE BAC traded down $0.07 on Wednesday, reaching $36.94. The company had a trading volume of 14,200,504 shares, compared to its average volume of 40,799,313. The stock has a market capitalization of $291.48 billion, a PE ratio of 12.78, a price-to-earnings-growth ratio of 1.68 and a beta of 1.39. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $38.49. The firm’s 50 day moving average price is $36.26 and its 200 day moving average price is $32.95.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (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 firm’s quarterly revenue was down 1.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.94 EPS. As a group, equities analysts predict that Bank of America Co. will post 3.19 earnings per share for the current year.

Bank of America Announces Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Jefferies Financial Group raised their target price on shares of Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a report on Monday, April 8th. Wolfe Research upgraded shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price on the stock in a report on Friday, April 19th. Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $32.00 to $41.00 in a research note on Tuesday, January 30th. Odeon Capital Group cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target on the stock. in a research note on Tuesday, January 16th. Finally, Oppenheimer lifted their price target on shares of Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a research note on Tuesday. 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. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $38.59.

Bank of America Company 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.