Bank of America Co. (NYSE:BAC) Shares Sold by Pinnacle Wealth Management Advisory Group LLC

Pinnacle Wealth Management Advisory Group LLC trimmed its holdings in Bank of America Co. (NYSE:BAC) by 3.7% during the fourth quarter, HoldingsChannel.com reports. The firm owned 67,226 shares of the financial services provider’s stock after selling 2,598 shares during the period. Pinnacle Wealth Management Advisory Group LLC’s holdings in Bank of America were worth $2,264,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Fortis Group Advisors LLC bought a new stake in shares of Bank of America in the 3rd quarter valued at approximately $25,000. Glass Jacobson Investment Advisors llc boosted its holdings in shares of Bank of America by 98.1% in the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $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 fourth quarter worth about $32,000. ZRC Wealth Management LLC lifted its stake in Bank of America by 192.3% in the fourth quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after buying an additional 750 shares during the last quarter. Finally, Private Ocean LLC raised its holdings in shares of Bank of America by 34.0% during the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after buying an additional 325 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Price Performance

NYSE BAC traded up $0.29 on Thursday, reaching $38.00. The company’s stock had a trading volume of 12,102,343 shares, compared to its average volume of 40,192,277. The firm has a market cap of $297.17 billion, a PE ratio of 13.13, a price-to-earnings-growth ratio of 1.66 and a beta of 1.37. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $38.49. The business has a 50-day moving average price of $36.61 and a 200 day moving average price of $33.31.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (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 business had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. During the same period in the prior year, the firm posted $0.94 EPS. Bank of America’s quarterly revenue was down 1.7% compared to the same quarter last year. Sell-side analysts expect that Bank of America Co. will post 3.21 EPS for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.53%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is currently 33.22%.

Analyst Upgrades and Downgrades

BAC has been the subject of several recent analyst reports. HSBC reiterated a “hold” rating and issued a $39.00 price objective (up from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Citigroup upped their target price on Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a report on Wednesday, March 20th. Oppenheimer boosted their price objective on Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a report on Tuesday, April 30th. BMO Capital Markets upped their target price on Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a report on Thursday, April 18th. Finally, Wells Fargo & Company raised their price target on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $38.70.

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.