BlueChip Wealth Advisors LLC Cuts Holdings in Bank of America Co. (NYSE:BAC)

BlueChip Wealth Advisors LLC lowered its holdings in Bank of America Co. (NYSE:BAC) by 9.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,389 shares of the financial services provider’s stock after selling 972 shares during the quarter. BlueChip Wealth Advisors LLC’s holdings in Bank of America were worth $413,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of BAC. Geode Capital Management LLC lifted its stake in Bank of America by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock valued at $5,546,871,000 after acquiring an additional 1,700,141 shares during the period. Norges Bank bought a new position in Bank of America during the fourth quarter valued at approximately $5,226,989,000. Bank of New York Mellon Corp boosted its holdings in Bank of America by 4.9% in the fourth quarter. Bank of New York Mellon Corp now owns 59,613,837 shares of the financial services provider’s stock worth $2,620,028,000 after purchasing an additional 2,806,927 shares during the last quarter. Fisher Asset Management LLC grew its position in Bank of America by 3.7% in the 4th quarter. Fisher Asset Management LLC now owns 46,887,442 shares of the financial services provider’s stock worth $2,060,703,000 after purchasing an additional 1,671,610 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in Bank of America by 0.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider’s stock worth $1,886,769,000 after purchasing an additional 297,858 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Trading Down 3.1 %

Bank of America stock opened at $41.24 on Friday. The stock has a market cap of $313.50 billion, a P/E ratio of 12.81, a PEG ratio of 1.21 and a beta of 1.32. The firm’s 50 day moving average price is $44.45 and its 200-day moving average price is $43.86. Bank of America Co. has a 1 year low of $34.15 and a 1 year high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter last year, the business posted $0.70 EPS. The firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. On average, equities analysts predict that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.52%. The ex-dividend date was Friday, March 7th. Bank of America’s payout ratio is 32.30%.

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of research reports. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Morgan Stanley raised their target price on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Friday, January 17th. Evercore ISI reduced their price target on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Friday, January 17th. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a report on Tuesday, January 7th. Finally, Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and upped their target price for the company from $45.00 to $50.00 in a report on Friday, March 7th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have assigned a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $48.45.

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.