Bank of America Co. (NYSE:BAC) Position Cut by FLC Capital Advisors

FLC Capital Advisors reduced its stake in shares of Bank of America Co. (NYSE:BAC) by 12.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 43,563 shares of the financial services provider’s stock after selling 6,074 shares during the quarter. FLC Capital Advisors’ holdings in Bank of America were worth $1,467,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of BAC. Fortis Group Advisors LLC bought a new stake in shares of Bank of America during the third quarter valued at about $25,000. Glass Jacobson Investment Advisors llc raised its stake 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 valued at $28,000 after purchasing an additional 504 shares in the last quarter. Castleview Partners LLC acquired a new position in Bank of America during the first quarter worth about $28,000. Strategic Investment Solutions Inc. IL acquired a new position in Bank of America during the first quarter worth about $34,000. Finally, ZRC Wealth Management LLC grew its holdings 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 acquiring an additional 750 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Up 2.0 %

Shares of Bank of America stock traded up $0.74 during trading on Wednesday, hitting $37.83. 36,334,959 shares of the stock traded hands, compared to its average volume of 41,116,594. The stock has a market cap of $298.50 billion, a P/E ratio of 12.32, a PEG ratio of 1.69 and a beta of 1.38. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.80 and a current ratio of 0.80. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $37.85. The company has a fifty day moving average price of $34.35 and a two-hundred day moving average price of $31.26.

Bank of America (NYSE:BAC) last announced its earnings results on Friday, January 12th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.01. The firm had revenue of $22 billion during the quarter, compared to analysts’ expectations of $23.70 billion. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The company’s revenue was down 10.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.85 earnings per share. Equities research analysts predict that Bank of America Co. will post 3.12 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 1st will be given a $0.24 dividend. The ex-dividend date of this dividend is Thursday, February 29th. This represents a $0.96 annualized dividend and a dividend yield of 2.54%. Bank of America’s dividend payout ratio is 31.27%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on BAC shares. Oppenheimer lowered their target price on Bank of America from $50.00 to $46.00 and set an “outperform” rating on the stock in a report on Tuesday, March 19th. Odeon Capital Group lowered Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price on the stock. in a report on Tuesday, January 16th. Barclays lifted their target price on Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. Morgan Stanley raised Bank of America from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $32.00 to $41.00 in a research note on Tuesday, January 30th. Finally, Citigroup lifted their price target on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 20th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and a consensus target price of $35.65.

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.