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

CapWealth Advisors LLC lowered its holdings in Bank of America Co. (NYSE:BAC) by 2.8% in the fourth quarter, Holdings Channel.com reports. The firm owned 750,791 shares of the financial services provider’s stock after selling 21,821 shares during the period. Bank of America comprises approximately 3.1% of CapWealth Advisors LLC’s investment portfolio, making the stock its 8th largest position. CapWealth Advisors LLC’s holdings in Bank of America were worth $25,279,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of BAC. Fortis Group Advisors LLC acquired a new position in Bank of America during the third quarter worth $25,000. Glass Jacobson Investment Advisors llc lifted its stake in shares of Bank of America by 98.1% in the third 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. Castleview Partners LLC bought a new stake in shares of Bank of America in the first quarter valued at about $28,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Bank of America in the first quarter valued at about $34,000. Finally, ZRC Wealth Management LLC lifted its stake in Bank of America by 192.3% during the fourth quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 750 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

NYSE BAC traded up $0.56 during trading on Thursday, reaching $35.79. The company’s stock had a trading volume of 16,848,122 shares, compared to its average volume of 41,204,039. The firm has a 50 day moving average price of $35.55 and a 200 day moving average price of $32.21. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $38.35. The company has a current ratio of 0.79, a quick ratio of 0.80 and a debt-to-equity ratio of 1.12. The firm has a market capitalization of $282.41 billion, a price-to-earnings ratio of 12.41, a price-to-earnings-growth ratio of 1.58 and a beta of 1.39.

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. The company had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm’s quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.94 EPS. As a group, equities analysts anticipate that Bank of America Co. will post 3.13 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.68%. The ex-dividend date of this dividend was Thursday, February 29th. Bank of America’s payout ratio is 33.22%.

Analysts Set New Price Targets

BAC has been the subject of a number of research reports. BMO Capital Markets raised their price target on shares of Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a report on Thursday. Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $32.00 to $41.00 in a research report on Tuesday, January 30th. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Barclays boosted their price objective on shares of Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. Finally, Citigroup boosted their price objective 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. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $38.29.

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.