Prosperitas Financial LLC Sells 4,255 Shares of Bank of America Co. (NYSE:BAC)

Prosperitas Financial LLC decreased its holdings in shares of Bank of America Co. (NYSE:BAC) by 39.4% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,534 shares of the financial services provider’s stock after selling 4,255 shares during the period. Prosperitas Financial LLC’s holdings in Bank of America were worth $220,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Fortis Group Advisors LLC purchased a new stake in shares of Bank of America during the third quarter valued at approximately $25,000. Glass Jacobson Investment Advisors llc grew its holdings in shares of Bank of America by 98.1% during 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 last quarter. Castleview Partners LLC purchased a new stake in shares of Bank of America during the first quarter valued at approximately $28,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Bank of America during the first quarter valued at approximately $34,000. Finally, ZRC Wealth Management LLC grew its holdings in shares of 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 valued at $38,000 after buying an additional 750 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on BAC. Keefe, Bruyette & Woods increased their price target on shares of Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a report on Friday, April 5th. Citigroup increased their price target 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. Jefferies Financial Group raised their target price on shares of Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a report on Monday, April 8th. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. Finally, HSBC restated a “hold” rating and issued a $39.00 target price (up previously from $38.00) on shares of Bank of America in a report on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $38.29.

Bank of America Stock Performance

Shares of Bank of America stock traded down $1.42 on Tuesday, hitting $34.53. 35,483,560 shares of the company’s stock were exchanged, compared to its average volume of 40,335,055. The company has a 50-day simple moving average of $35.48 and a 200-day simple moving average of $32.14. The stock has a market capitalization of $272.46 billion, a PE ratio of 11.21, a PEG 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. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.80 and a current ratio of 0.80.

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

Bank of America Announces Dividend

The company also recently disclosed 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. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.96 annualized dividend and a dividend yield of 2.78%. Bank of America’s payout ratio is 31.27%.

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.