Bank of America Co. (NYSE:BAC) Position Cut by Linscomb & Williams Inc.

Linscomb & Williams Inc. lowered its position in shares of Bank of America Co. (NYSE:BAC) by 2.7% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 319,856 shares of the financial services provider’s stock after selling 9,027 shares during the period. Linscomb & Williams Inc.’s holdings in Bank of America were worth $10,770,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of BAC. Schechter Investment Advisors LLC raised its stake in shares of Bank of America by 8.2% during 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 purchasing an additional 4,187 shares in the last quarter. Ethos Financial Group LLC raised its holdings in Bank of America by 6.2% during the 4th quarter. Ethos Financial Group LLC now owns 8,452 shares of the financial services provider’s stock worth $285,000 after buying an additional 492 shares during the period. Auxano Advisors LLC lifted its stake in Bank of America by 234.5% during the fourth quarter. Auxano Advisors LLC now owns 27,356 shares of the financial services provider’s stock valued at $921,000 after buying an additional 19,179 shares in the last quarter. Stonebridge Capital Advisors LLC boosted its holdings in shares of Bank of America by 3.7% in the third quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock worth $1,793,000 after buying an additional 2,332 shares during the period. Finally, Kingswood Wealth Advisors LLC increased its position in shares of Bank of America by 228.3% in the fourth 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. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of NYSE:BAC traded up $0.53 during trading on Friday, reaching $39.70. The stock had a trading volume of 22,166,306 shares, compared to its average volume of 30,858,416. The stock has a fifty day simple moving average of $37.54 and a two-hundred day simple moving average of $34.39. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $39.84. The firm has a market capitalization of $310.47 billion, a price-to-earnings ratio of 13.74, a P/E/G ratio of 1.76 and a beta of 1.37.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. During the same quarter last year, the firm posted $0.94 EPS. The business’s quarterly revenue was down 1.7% on a year-over-year basis. As a group, analysts anticipate that Bank of America Co. will post 3.23 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be paid a dividend of $0.24 per share. The ex-dividend date is Friday, June 7th. This represents a $0.96 annualized dividend and a yield of 2.42%. Bank of America’s payout ratio is 33.22%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on BAC shares. Citigroup upped their price target on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research report on Wednesday, March 20th. Morgan Stanley raised Bank of America from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $32.00 to $41.00 in a research note on Tuesday, January 30th. JPMorgan Chase & Co. lifted their target price on Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a research note on Wednesday, May 1st. Wolfe Research upgraded shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price target for the company in a report on Friday, April 19th. Finally, HSBC reiterated a “hold” rating and issued a $39.00 price objective (up previously from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Bank of America currently has an average rating of “Hold” and an average price target of $38.70.

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.