Bank of America Co. (NYSE:BAC) Shares Sold by Summit Trail Advisors LLC

Summit Trail Advisors LLC decreased its holdings in shares of Bank of America Co. (NYSE:BAC) by 17.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 60,312 shares of the financial services provider’s stock after selling 13,083 shares during the quarter. Summit Trail Advisors LLC’s holdings in Bank of America were worth $2,031,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Fortis Group Advisors LLC purchased a new stake in shares of Bank of America in the third quarter valued at about $25,000. Glass Jacobson Investment Advisors llc lifted 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 worth $28,000 after purchasing an additional 504 shares during the period. Criterion Capital Advisors LLC purchased a new position in Bank of America in the 4th quarter valued at $32,000. ZRC Wealth Management LLC raised its stake in shares of Bank of America by 192.3% during the 4th 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 in the last quarter. Finally, Private Ocean LLC grew its holdings in Bank of America by 34.0% during the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 325 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Trading Up 1.2 %

Shares of BAC traded up $0.44 during trading hours on Monday, hitting $37.69. The stock had a trading volume of 28,403,702 shares, compared to its average volume of 40,729,758. The company’s fifty day simple moving average is $36.46 and its 200 day simple moving average is $33.16. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $38.49. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The firm has a market cap of $294.75 billion, a P/E ratio of 13.04, a P/E/G ratio of 1.66 and a beta of 1.37.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The business had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.94 EPS. Equities research analysts forecast that Bank of America Co. will post 3.21 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.55%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is 33.22%.

Analysts Set New Price Targets

Several analysts recently commented on BAC shares. Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $32.00 to $41.00 in a research note on Tuesday, January 30th. HSBC reaffirmed a “hold” rating and issued a $39.00 price objective (up from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Wolfe Research raised Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price on the stock in a report on Friday, April 19th. Wells Fargo & Company lifted their price target on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Finally, UBS Group reissued 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. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $38.70.

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.