Bank of America Co. (NYSE:BAC) Stock Position Decreased by Northern Financial Advisors Inc

Northern Financial Advisors Inc lowered its position in Bank of America Co. (NYSE:BAC) by 16.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 16,083 shares of the financial services provider’s stock after selling 3,073 shares during the period. Northern Financial Advisors Inc’s holdings in Bank of America were worth $542,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in BAC. Fortis Group Advisors LLC bought a new position in Bank of America during the third quarter valued at about $25,000. Criterion Capital Advisors LLC bought a new stake in Bank of America during the fourth quarter worth approximately $32,000. Glass Jacobson Investment Advisors llc lifted its position in Bank of America by 98.1% during the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 504 shares during the last quarter. ZRC Wealth Management LLC grew its position in shares of Bank of America by 192.3% in the fourth quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 750 shares during the last quarter. Finally, Private Ocean LLC increased its stake in shares of Bank of America by 34.0% in the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 325 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BAC has been the topic of a number of research analyst reports. 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. Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $32.00 to $41.00 in a research note on Tuesday, January 30th. Oppenheimer raised their price objective on Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 30th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Finally, 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 report on Thursday, April 4th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of “Hold” and a consensus target price of $38.70.

Bank of America Price Performance

Shares of Bank of America stock traded down $0.22 during midday trading on Wednesday, reaching $37.62. The company had a trading volume of 10,245,332 shares, compared to its average volume of 40,251,000. The stock has a fifty day simple moving average of $36.61 and a 200 day simple moving average of $33.31. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $38.49. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a market capitalization of $294.20 billion, a price-to-earnings ratio of 13.04, a price-to-earnings-growth ratio of 1.66 and a beta of 1.37.

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

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s dividend payout ratio is presently 33.22%.

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.