Nations Financial Group Inc. IA ADV Sells 3,298 Shares of Bank of America Co. (NYSE:BAC)

Nations Financial Group Inc. IA ADV reduced its position in shares of Bank of America Co. (NYSE:BAC) by 13.4% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 21,399 shares of the financial services provider’s stock after selling 3,298 shares during the period. Nations Financial Group Inc. IA ADV’s holdings in Bank of America were worth $721,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Schechter Investment Advisors LLC increased its holdings in Bank of America by 8.2% during the 3rd quarter. Schechter Investment Advisors LLC now owns 55,348 shares of the financial services provider’s stock valued at $1,515,000 after purchasing an additional 4,187 shares in the last quarter. Ethos Financial Group LLC lifted its stake in shares of Bank of America by 6.2% during the fourth quarter. Ethos Financial Group LLC now owns 8,452 shares of the financial services provider’s stock valued at $285,000 after acquiring an additional 492 shares during the period. Auxano Advisors LLC increased its position in Bank of America by 234.5% in the fourth quarter. Auxano Advisors LLC now owns 27,356 shares of the financial services provider’s stock worth $921,000 after purchasing an additional 19,179 shares during the period. Stonebridge Capital Advisors LLC raised its holdings in Bank of America by 3.7% during the 3rd quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock worth $1,793,000 after purchasing an additional 2,332 shares during the last quarter. Finally, Kingswood Wealth Advisors LLC lifted its position in Bank of America by 228.3% during the 4th quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock valued at $2,273,000 after purchasing an additional 46,950 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BAC has been the topic of a number of analyst reports. Morgan Stanley raised Bank of America from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $32.00 to $41.00 in a research note on Tuesday, January 30th. HSBC reaffirmed a “hold” rating and set a $39.00 price objective (up previously from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. BMO Capital Markets increased their price target on Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a report on Thursday, April 18th. Keefe, Bruyette & Woods boosted their price objective on Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a research report on Friday, April 5th. Finally, Evercore ISI raised their target price on shares of Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $38.70.

Read Our Latest Research Report on BAC

Bank of America Stock Up 1.4 %

BAC traded up $0.53 on Monday, hitting $39.70. 22,166,300 shares of the company were exchanged, compared to its average volume of 39,284,059. The stock’s fifty day moving average is $37.54 and its 200-day moving average is $34.43. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $39.84. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The company has a market cap of $310.47 billion, a PE ratio of 13.74, a PEG ratio of 1.76 and a beta of 1.37.

Bank of America (NYSE:BACGet Free Report) last posted its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.06. The firm had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business’s quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.94 EPS. Equities research analysts predict that Bank of America Co. will post 3.23 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.42%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s dividend payout ratio is currently 33.22%.

About Bank of America

(Free Report)

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.

Recommended Stories

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Co. (NYSE:BACFree Report).

Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.