Schear Investment Advisers LLC Has $1.34 Million Stock Position in Bank of America Co. (NYSE:BAC)

Schear Investment Advisers LLC reduced its stake in shares of Bank of America Co. (NYSE:BAC) by 4.9% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 39,662 shares of the financial services provider’s stock after selling 2,040 shares during the quarter. Bank of America accounts for 1.3% of Schear Investment Advisers LLC’s holdings, making the stock its 24th biggest holding. Schear Investment Advisers LLC’s holdings in Bank of America were worth $1,335,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of BAC. Moneta Group Investment Advisors LLC grew its holdings in shares of Bank of America by 108,111.3% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 193,168,025 shares of the financial services provider’s stock worth $6,397,725,000 after purchasing an additional 192,989,515 shares in the last quarter. Norges Bank acquired a new stake in Bank of America in the fourth quarter valued at about $3,436,543,000. Barclays PLC boosted its stake in Bank of America by 97.3% in the third quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock valued at $1,130,538,000 after buying an additional 20,362,295 shares in the last quarter. Snider Financial Group boosted its stake in Bank of America by 9,477.3% in the first quarter. Snider Financial Group now owns 14,448,357 shares of the financial services provider’s stock valued at $5,956,000 after buying an additional 14,297,496 shares in the last quarter. Finally, Alphinity Investment Management Pty Ltd boosted its stake in Bank of America by 1,071.8% in the fourth quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock valued at $474,150,000 after buying an additional 12,880,492 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Up 3.3 %

Shares of NYSE BAC traded up $1.18 during midday trading on Friday, hitting $36.95. 36,507,310 shares of the stock traded hands, compared to its average volume of 41,493,766. The company has a market cap of $291.56 billion, a PE ratio of 12.81, a P/E/G ratio of 1.59 and a beta of 1.39. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.80 and a current ratio of 0.79. Bank of America Co. has a one year low of $24.96 and a one year high of $38.35. The business has a 50 day moving average price of $35.61 and a two-hundred day moving average price of $32.24.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. During the same quarter in the previous year, the firm earned $0.94 earnings per share. Bank of America’s quarterly revenue was down 1.7% on a year-over-year basis. On average, equities analysts predict that Bank of America Co. will post 3.16 EPS for the current year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were given a $0.24 dividend. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.96 annualized dividend and a yield of 2.60%. Bank of America’s dividend payout ratio is currently 33.22%.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Barclays raised their price objective on Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research note on Tuesday, January 2nd. UBS Group reaffirmed a “neutral” rating and issued a $40.00 price objective (up from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Oppenheimer cut their price objective on Bank of America from $46.00 to $45.00 and set an “outperform” rating on the stock in a research note on Wednesday. Evercore ISI lifted their price objective on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research note on Thursday, April 4th. Finally, Citigroup lifted their price objective on 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 equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $38.53.

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.