Arbor Trust Wealth Advisors LLC Decreases Holdings in Bank of America Co. (NYSE:BAC)

Arbor Trust Wealth Advisors LLC cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 3.7% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,232 shares of the financial services provider’s stock after selling 350 shares during the quarter. Arbor Trust Wealth Advisors LLC’s holdings in Bank of America were worth $311,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the business. Avior Wealth Management LLC increased its stake in shares of Bank of America by 2.4% in the fourth quarter. Avior Wealth Management LLC now owns 91,792 shares of the financial services provider’s stock worth $3,091,000 after buying an additional 2,113 shares during the period. Allen Capital Group LLC raised its holdings in Bank of America by 10.0% during the 4th quarter. Allen Capital Group LLC now owns 30,573 shares of the financial services provider’s stock valued at $1,029,000 after buying an additional 2,772 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Bank of America by 8.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,174,821 shares of the financial services provider’s stock valued at $106,896,000 after buying an additional 249,654 shares during the last quarter. Wealth Alliance raised its holdings in Bank of America by 8.3% during the 4th quarter. Wealth Alliance now owns 20,973 shares of the financial services provider’s stock valued at $706,000 after buying an additional 1,604 shares during the last quarter. Finally, Main Street Research LLC bought a new stake in Bank of America during the 4th quarter valued at $223,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Jefferies Financial Group upped their price target on shares of Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a report on Monday, April 8th. Citigroup upped their price objective on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday, March 20th. Odeon Capital Group lowered shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective for the company. in a report on Tuesday, January 16th. Barclays upped their price objective on shares of Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. Finally, UBS Group restated a “neutral” rating and issued a $40.00 price objective (up from $39.00) on shares of Bank of America in a report on Thursday, April 4th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Bank of America has a consensus rating of “Hold” and an average target price of $38.29.

Bank of America Stock Down 3.5 %

BAC stock traded down $1.27 during trading on Tuesday, hitting $34.68. 91,528,739 shares of the stock traded hands, compared to its average volume of 41,161,027. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $38.35. The firm’s 50 day moving average is $35.48 and its two-hundred day moving average is $32.14. The stock has a market cap of $273.65 billion, a price-to-earnings ratio of 11.31, a price-to-earnings-growth ratio of 1.63 and a beta of 1.39. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.70 EPS for the quarter, beating the consensus estimate of $0.69 by $0.01. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The company had revenue of $22 billion for the quarter, compared to the consensus estimate of $23.70 billion. During the same period in the prior year, the firm posted $0.85 EPS. Bank of America’s revenue for the quarter was down 10.2% on a year-over-year basis. On average, sell-side analysts anticipate that Bank of America Co. will post 3.13 EPS for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.77%. The ex-dividend date of this dividend was Thursday, February 29th. Bank of America’s dividend payout ratio (DPR) is 31.27%.

Bank of America 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.