Procyon Advisors LLC Sells 14,616 Shares of Bank of America Co. (NYSE:BAC)

Procyon Advisors LLC reduced its position in Bank of America Co. (NYSE:BAC) by 9.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 141,999 shares of the financial services provider’s stock after selling 14,616 shares during the quarter. Procyon Advisors LLC’s holdings in Bank of America were worth $4,781,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Roundview Capital LLC boosted its holdings in shares of Bank of America by 1.5% in the 1st quarter. Roundview Capital LLC now owns 135,764 shares of the financial services provider’s stock valued at $5,596,000 after purchasing an additional 2,013 shares in the last quarter. Loomis Sayles & Co. L P lifted its position in shares of Bank of America by 150.3% during the 1st quarter. Loomis Sayles & Co. L P now owns 1,985 shares of the financial services provider’s stock worth $82,000 after buying an additional 1,192 shares during the last quarter. NewEdge Advisors LLC boosted its stake in Bank of America by 4.2% in the first quarter. NewEdge Advisors LLC now owns 405,098 shares of the financial services provider’s stock valued at $16,698,000 after buying an additional 16,319 shares in the last quarter. First Western Trust Bank bought a new position in Bank of America in the first quarter valued at about $586,000. Finally, Pearl River Capital LLC acquired a new position in Bank of America during the first quarter worth about $534,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 0.7 %

Shares of NYSE:BAC traded down $0.26 during midday trading on Thursday, hitting $37.55. 4,745,576 shares of the stock traded hands, compared to its average volume of 40,493,648. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.15. The business’s 50 day moving average is $34.35 and its two-hundred day moving average is $31.26. The stock has a market capitalization of $296.29 billion, a PE ratio of 12.32, a P/E/G ratio of 1.70 and a beta of 1.38. Bank of America Co. has a one year low of $24.96 and a one year high of $37.87.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.01. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The business had revenue of $22 billion for the quarter, compared to analysts’ expectations of $23.70 billion. During the same quarter in the previous year, the business posted $0.85 earnings per share. The firm’s revenue for the quarter was down 10.2% compared to the same quarter last year. As a group, research analysts forecast that Bank of America Co. will post 3.11 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 1st will be issued a $0.24 dividend. The ex-dividend date of this dividend is Thursday, February 29th. This represents a $0.96 annualized dividend and a yield of 2.56%. Bank of America’s dividend payout ratio (DPR) is presently 31.27%.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of research analyst reports. Oppenheimer lowered their price objective on shares of Bank of America from $50.00 to $46.00 and set an “outperform” rating for the company in a research report on Tuesday, March 19th. 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 report on Tuesday, January 16th. BMO Capital Markets lowered their price objective on Bank of America from $37.00 to $36.00 and set a “market perform” rating for the company in a research report on Tuesday, January 16th. Barclays upped their target price on Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. Finally, HSBC reissued a “hold” rating and issued a $39.00 price target (up from $38.00) on shares of Bank of America in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $35.90.

About Bank of America

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.