Kovack Advisors Inc. Has $960,000 Position in Bank of America Co. (NYSE:BAC)

Kovack Advisors Inc. decreased its holdings in shares of Bank of America Co. (NYSE:BAC) by 2.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 28,522 shares of the financial services provider’s stock after selling 581 shares during the period. Kovack Advisors Inc.’s holdings in Bank of America were worth $960,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of BAC. K.J. Harrison & Partners Inc raised its holdings in shares of Bank of America by 6.5% in the fourth quarter. K.J. Harrison & Partners Inc now owns 11,970 shares of the financial services provider’s stock valued at $403,000 after purchasing an additional 731 shares during the last quarter. Herold Advisors Inc. raised its holdings in shares of Bank of America by 1.4% in the fourth quarter. Herold Advisors Inc. now owns 47,093 shares of the financial services provider’s stock valued at $1,586,000 after purchasing an additional 661 shares during the last quarter. Bryn Mawr Capital Management LLC raised its holdings in shares of Bank of America by 18.0% in the fourth quarter. Bryn Mawr Capital Management LLC now owns 52,018 shares of the financial services provider’s stock valued at $1,751,000 after purchasing an additional 7,920 shares during the last quarter. Gould Asset Management LLC CA purchased a new stake in shares of Bank of America in the fourth quarter valued at about $237,000. Finally, Van Cleef Asset Management Inc grew its position in Bank of America by 32.4% during the fourth quarter. Van Cleef Asset Management Inc now owns 28,096 shares of the financial services provider’s stock valued at $946,000 after buying an additional 6,875 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

BAC traded down $0.08 on Friday, reaching $37.83. The company had a trading volume of 28,668,680 shares, compared to its average volume of 40,953,860. The business has a 50 day simple moving average of $36.13 and a 200 day simple moving average of $32.72. The company has a market cap of $298.50 billion, a price-to-earnings ratio of 13.09, a P/E/G ratio of 1.70 and a beta of 1.39. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $38.49.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.77 by $0.06. The firm had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business’s revenue was down 1.7% compared to the same quarter last year. During the same period last year, the firm posted $0.94 earnings per share. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.19 EPS for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.54%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on BAC. Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $32.00 to $41.00 in a research report on Tuesday, January 30th. Jefferies Financial Group increased their price target on shares of Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research report on Monday, April 8th. UBS Group restated a “neutral” rating and set a $40.00 price target (up previously from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Wells Fargo & Company increased their target price on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Finally, Wolfe Research upgraded shares of 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 report on Friday, April 19th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America currently has an average rating of “Hold” and a consensus price target of $38.53.

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.