Bank of America Co. (NYSE:BAC) Stake Reduced by Cary Street Partners Investment Advisory LLC

Cary Street Partners Investment Advisory LLC lessened its stake in shares of Bank of America Co. (NYSE:BAC) by 82.7% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 27,953 shares of the financial services provider’s stock after selling 133,811 shares during the quarter. Cary Street Partners Investment Advisory LLC’s holdings in Bank of America were worth $941,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of BAC. Fortis Group Advisors LLC acquired a new stake in Bank of America during the 3rd quarter worth about $25,000. Glass Jacobson Investment Advisors llc raised its holdings in 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 buying an additional 504 shares during the period. Criterion Capital Advisors LLC acquired a new stake in Bank of America during the 4th quarter worth about $32,000. ZRC Wealth Management LLC raised its holdings in 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 buying an additional 750 shares during the period. Finally, Private Ocean LLC raised its holdings in 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. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on BAC. UBS Group reaffirmed a “neutral” rating and set a $40.00 target price (up previously from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. HSBC reaffirmed a “hold” rating and set a $39.00 target price (up previously from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Keefe, Bruyette & Woods lifted their target price on Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a research note on Friday, April 5th. Barclays lifted their target price on Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research note on Tuesday, January 2nd. Finally, Jefferies Financial Group lifted their target price on Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research note on Monday, April 8th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Bank of America currently has a consensus rating of “Hold” and an average target price of $38.59.

Bank of America Stock Down 1.5 %

Shares of Bank of America stock opened at $37.01 on Wednesday. The stock has a market capitalization of $291.99 billion, a P/E ratio of 12.80, a PEG 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. The stock has a 50 day moving average price of $36.26 and a two-hundred day moving average price of $32.95. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $38.49.

Bank of America (NYSE:BAC) last issued its quarterly 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 return on equity of 10.88% and a net margin of 13.94%. The company had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. During the same period in the previous year, the company earned $0.94 earnings per share. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. Equities analysts expect that Bank of America Co. will post 3.19 earnings per share for the current year.

Bank of America Dividend Announcement

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 dividend of $0.24 per share. The ex-dividend date is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.59%. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

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.