Dakota Wealth Management Sells 6,567 Shares of Bank of America Co. (NYSE:BAC)

Dakota Wealth Management reduced its stake in Bank of America Co. (NYSE:BAC) by 3.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 187,937 shares of the financial services provider’s stock after selling 6,567 shares during the period. Dakota Wealth Management’s holdings in Bank of America were worth $6,328,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Fort Sheridan Advisors LLC grew its stake in shares of Bank of America by 0.8% in the fourth quarter. Fort Sheridan Advisors LLC now owns 39,526 shares of the financial services provider’s stock worth $1,309,000 after acquiring an additional 303 shares during the last quarter. Regent Peak Wealth Advisors LLC boosted its holdings in shares of Bank of America by 3.2% in the 4th quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock worth $336,000 after purchasing an additional 314 shares during the period. Kennedy Investment Group boosted its holdings in Bank of America by 0.6% during the 4th quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock valued at $1,953,000 after acquiring an additional 321 shares during the period. Private Ocean LLC boosted its holdings in Bank of America by 34.0% during the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 325 shares during the period. Finally, Selective Wealth Management Inc. boosted its holdings in Bank of America by 2.0% during the 4th quarter. Selective Wealth Management Inc. now owns 17,351 shares of the financial services provider’s stock valued at $586,000 after acquiring an additional 334 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Up 0.4 %

Shares of Bank of America stock opened at $35.95 on Tuesday. The business has a 50-day moving average of $35.48 and a 200-day moving average of $32.14. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80. The company has a market capitalization of $283.67 billion, a PE ratio of 11.71, a P/E/G ratio of 1.63 and a beta of 1.39. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $38.35.

Bank of America (NYSE:BAC) last issued its earnings results on Friday, January 12th. The financial services provider reported $0.70 EPS for the quarter, topping the consensus estimate of $0.69 by $0.01. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The company had revenue of $22 billion during the quarter, compared to analyst estimates of $23.70 billion. During the same quarter last year, the firm earned $0.85 EPS. The business’s revenue was down 10.2% on a year-over-year basis. As a group, equities analysts forecast that Bank of America Co. will post 3.13 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.67%. The ex-dividend date was Thursday, February 29th. Bank of America’s payout ratio is 31.27%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on BAC shares. Wells Fargo & Company boosted their price target on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $32.00 to $41.00 in a research note on Tuesday, January 30th. Citigroup upped their price target on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday, March 20th. Finally, Oppenheimer reduced their price target on Bank of America from $50.00 to $46.00 and set an “outperform” rating for the company in a report on Tuesday, March 19th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $38.29.

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.