Glassman Wealth Services Cuts Stake in Bank of America Co. (NYSE:BAC)

Glassman Wealth Services lowered its stake in shares of Bank of America Co. (NYSE:BAC) by 5.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,059 shares of the financial services provider’s stock after selling 1,212 shares during the period. Glassman Wealth Services’ holdings in Bank of America were worth $743,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Norges Bank purchased a new stake in shares of Bank of America during the fourth quarter worth about $3,734,407,000. Northern Trust Corp increased its stake in shares of Bank of America by 2.1% during the third quarter. Northern Trust Corp now owns 67,648,727 shares of the financial services provider’s stock worth $1,852,222,000 after purchasing an additional 1,397,469 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Bank of America by 3.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 41,833,075 shares of the financial services provider’s stock valued at $1,408,520,000 after acquiring an additional 1,315,056 shares in the last quarter. Barclays PLC grew its stake in Bank of America by 97.3% during the 3rd quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock valued at $1,130,538,000 after acquiring an additional 20,362,295 shares in the last quarter. Finally, Fisher Asset Management LLC grew its stake in Bank of America by 17.1% during the 4th quarter. Fisher Asset Management LLC now owns 37,649,708 shares of the financial services provider’s stock valued at $1,267,666,000 after acquiring an additional 5,484,219 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 1.4 %

Bank of America stock traded up $0.53 during mid-day trading on Friday, reaching $39.70. 22,166,306 shares of the company’s stock were exchanged, compared to its average volume of 30,858,416. The company has a market cap of $310.47 billion, a P/E ratio of 13.74, a P/E/G ratio of 1.76 and a beta of 1.37. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $39.84. 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 fifty day moving average of $37.54 and a 200-day moving average of $34.39.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating 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 for the quarter, compared to the consensus estimate of $25.49 billion. During the same period in the prior year, the firm posted $0.94 EPS. The company’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 3.23 EPS for the current year.

Bank of America Dividend Announcement

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

Analyst Ratings Changes

Several analysts recently issued reports on BAC shares. Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $32.00 to $41.00 in a research note on Tuesday, January 30th. UBS Group reiterated a “neutral” rating and issued a $40.00 target price (up from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Citigroup boosted their target price on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a report on Wednesday, March 20th. JPMorgan Chase & Co. boosted their target price on shares of Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a report on Wednesday, May 1st. Finally, HSBC reiterated a “hold” rating and issued a $39.00 target price (up from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, Bank of America has a consensus 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.