U.S. Capital Wealth Advisors LLC Cuts Stake in Bank of America Co. (NYSE:BAC)

U.S. Capital Wealth Advisors LLC trimmed its holdings in Bank of America Co. (NYSE:BAC) by 16.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 275,363 shares of the financial services provider’s stock after selling 53,136 shares during the quarter. U.S. Capital Wealth Advisors LLC’s holdings in Bank of America were worth $9,271,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Barclays PLC boosted its holdings in shares of 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 purchasing an additional 20,362,295 shares during the last quarter. Alphinity Investment Management Pty Ltd increased its stake in Bank of America by 1,071.8% in the 4th quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock worth $474,150,000 after acquiring an additional 12,880,492 shares during the last quarter. Darsana Capital Partners LP purchased a new stake in shares of Bank of America during the 3rd quarter worth approximately $177,970,000. Canada Pension Plan Investment Board boosted its position in shares of Bank of America by 143.5% during the 3rd quarter. Canada Pension Plan Investment Board now owns 10,659,309 shares of the financial services provider’s stock valued at $291,852,000 after acquiring an additional 6,281,690 shares during the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC purchased a new position in shares of Bank of America in the third quarter valued at $168,610,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have commented on BAC shares. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. JPMorgan Chase & Co. upped their price objective on Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a research report on Wednesday. Jefferies Financial Group raised their price objective on Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research note on Monday, April 8th. Wells Fargo & Company boosted their target price on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Finally, Citigroup lifted their price objective on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 20th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of “Hold” and an average price target of $38.70.

Bank of America Stock Up 1.0 %

Shares of Bank of America stock traded up $0.37 during trading on Friday, hitting $37.25. 34,082,662 shares of the stock traded hands, compared to its average volume of 41,339,492. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $38.49. The stock’s fifty day simple moving average is $36.46 and its 200 day simple moving average is $33.08. The firm has a market cap of $291.31 billion, a P/E ratio of 12.89, 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 (NYSE:BAC) last posted its earnings results 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 business 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 company’s revenue for the quarter was down 1.7% on a year-over-year basis. On average, equities analysts predict that Bank of America Co. will post 3.21 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a yield of 2.58%. Bank of America’s dividend payout ratio is currently 33.22%.

About Bank of America

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.