Bank of America Co. (NYSE:BAC) Shares Sold by Bfsg LLC

Bfsg LLC reduced its stake in shares of Bank of America Co. (NYSE:BAC) by 95.8% in the 4th quarter, Holdings Channel.com reports. The fund owned 1,662 shares of the financial services provider’s stock after selling 38,118 shares during the quarter. Bfsg LLC’s holdings in Bank of America were worth $56,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Schechter Investment Advisors LLC increased its holdings in Bank of America by 8.2% in the third quarter. Schechter Investment Advisors LLC now owns 55,348 shares of the financial services provider’s stock valued at $1,515,000 after buying an additional 4,187 shares during the last quarter. Stonebridge Capital Advisors LLC grew its position in shares of Bank of America by 3.7% in the 3rd quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock worth $1,793,000 after acquiring an additional 2,332 shares in the last quarter. Kingswood Wealth Advisors LLC grew its position in shares of Bank of America by 228.3% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock worth $2,273,000 after acquiring an additional 46,950 shares in the last quarter. Sarasin & Partners LLP bought a new stake in shares of Bank of America in the 4th quarter valued at approximately $673,000. Finally, Pinnacle Associates Ltd. raised its position in shares of Bank of America by 30.0% during the 3rd quarter. Pinnacle Associates Ltd. now owns 978,784 shares of the financial services provider’s stock valued at $26,799,000 after acquiring an additional 225,767 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on BAC. Evercore ISI boosted their target price on shares of Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research note on Thursday, April 4th. Wolfe Research upgraded shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective on the stock in a research note on Friday, April 19th. Keefe, Bruyette & Woods raised their target price on shares of Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a report on Friday, April 5th. Odeon Capital Group cut 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. Finally, Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $32.00 to $41.00 in a research report on Tuesday, January 30th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $38.53.

Bank of America Stock Performance

BAC stock opened at $38.01 on Friday. The company has a market capitalization of $299.92 billion, a P/E ratio of 13.12, a PEG ratio of 1.72 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 company has a 50-day simple moving average of $36.06 and a 200 day simple moving average of $32.64. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week 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 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. 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 prior year, the business posted $0.94 EPS. The business’s revenue for the quarter was down 1.7% compared to the same quarter last year. Sell-side analysts predict that Bank of America Co. will post 3.19 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.53%. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

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.