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

Bfsg LLC trimmed its holdings in Bank of America Co. (NYSE:BAC) by 95.8% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,662 shares of the financial services provider’s stock after selling 38,118 shares during the period. Bfsg LLC’s holdings in Bank of America were worth $56,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Fortis Group Advisors LLC purchased a new position in Bank of America in the 3rd quarter worth approximately $25,000. Glass Jacobson Investment Advisors llc lifted its position in 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 worth $28,000 after buying an additional 504 shares in the last quarter. Criterion Capital Advisors LLC purchased a new position in Bank of America during the fourth quarter worth approximately $32,000. ZRC Wealth Management LLC boosted 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 buying an additional 750 shares during the last quarter. Finally, Private Ocean LLC grew its holdings in Bank of America by 34.0% in the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after buying an additional 325 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Trading Up 0.3 %

BAC opened at $38.01 on Friday. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The stock has a market capitalization of $299.92 billion, a price-to-earnings ratio of 13.12, a PEG ratio of 1.72 and a beta of 1.39. The business has a fifty day moving average price of $36.06 and a 200 day moving average price of $32.64. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $38.49.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. During the same period in the previous year, the company posted $0.94 earnings per share. The business’s revenue for the quarter was down 1.7% on a year-over-year basis. Sell-side analysts expect that Bank of America Co. will post 3.19 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.53%. Bank of America’s payout ratio is 33.22%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on BAC. Evercore ISI boosted their price target on shares of Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Jefferies Financial Group raised their price target 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 Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. Wolfe Research raised Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price for the company in a research note on Friday, April 19th. Finally, Oppenheimer decreased their price target on Bank of America from $46.00 to $45.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 17th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of “Hold” and an average price target 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.