Bank of America Co. (NYSE:BAC) Shares Sold by Alpha Cubed Investments LLC

Alpha Cubed Investments LLC trimmed its position in shares of Bank of America Co. (NYSE:BAC) by 20.9% during the fourth quarter, Holdings Channel reports. The institutional investor owned 98,791 shares of the financial services provider’s stock after selling 26,101 shares during the quarter. Alpha Cubed Investments LLC’s holdings in Bank of America were worth $3,326,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Fortis Group Advisors LLC acquired a new position in shares of Bank of America during the 3rd quarter worth about $25,000. Glass Jacobson Investment Advisors llc increased its stake in Bank of America by 98.1% in 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 during the last quarter. Criterion Capital Advisors LLC purchased a new position in Bank of America in the fourth quarter valued at approximately $32,000. ZRC Wealth Management LLC raised 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 purchasing an additional 750 shares in the last quarter. Finally, Private Ocean LLC lifted its position in shares of Bank of America by 34.0% during the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after buying an additional 325 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of Bank of America stock traded down $0.54 on Tuesday, reaching $37.01. 30,280,209 shares of the stock were exchanged, compared to its average volume of 41,130,859. 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 firm has a market capitalization of $291.99 billion, a PE ratio of 12.90, a PEG ratio of 1.69 and a beta of 1.39. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $38.49. The business has a fifty day moving average price of $36.20 and a two-hundred day moving average price of $32.88.

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. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. During the same period in the prior year, the business posted $0.94 EPS. The company’s revenue for the quarter was down 1.7% on a year-over-year basis. As a group, research analysts anticipate that Bank of America Co. will post 3.19 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.59%. Bank of America’s payout ratio is currently 33.22%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on BAC shares. Barclays lifted their price target on shares of Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. Evercore ISI boosted their target price on Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a report on Thursday, April 4th. Wells Fargo & Company raised 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. UBS Group reiterated a “neutral” rating and issued a $40.00 price objective (up previously from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a research report on Friday, April 5th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Bank of America presently has a consensus rating of “Hold” and an average target price of $38.59.

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.