Defined Wealth Management LLC Has $584,000 Holdings in Bank of America Co. (NYSE:BAC)

Defined Wealth Management LLC decreased its holdings in shares of Bank of America Co. (NYSE:BAC) by 2.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 13,983 shares of the financial services provider’s stock after selling 374 shares during the quarter. Defined Wealth Management LLC’s holdings in Bank of America were worth $584,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Bank of America by 4.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider’s stock valued at $173,168,000 after buying an additional 173,021 shares in the last quarter. OFI Invest Asset Management bought a new position in shares of Bank of America in the 4th quarter valued at $60,679,000. Arizona State Retirement System boosted its holdings in shares of Bank of America by 0.5% during the 4th quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider’s stock valued at $89,150,000 after acquiring an additional 10,377 shares in the last quarter. Gradient Investments LLC grew its position in Bank of America by 7.8% during the 1st quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider’s stock worth $29,061,000 after acquiring an additional 50,296 shares during the last quarter. Finally, Keybank National Association OH increased its holdings in Bank of America by 1.1% in the 4th quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock worth $152,006,000 after purchasing an additional 38,258 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of recent research reports. Phillip Securities raised Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, April 17th. Robert W. Baird upgraded shares of Bank of America from a “neutral” rating to an “outperform” rating and upped their price target for the company from $45.00 to $50.00 in a research report on Friday, March 7th. JPMorgan Chase & Co. dropped their price target on shares of Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a research note on Thursday, April 3rd. UBS Group increased their price objective on Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, April 16th. Finally, Cfra Research lifted their target price on Bank of America to $47.00 and gave the stock a “buy” rating in a report on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have given a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average target price of $47.69.

Bank of America Trading Down 0.3%

Shares of Bank of America stock opened at $44.61 on Friday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. Bank of America Co. has a 52 week low of $33.07 and a 52 week high of $48.08. The stock has a 50 day moving average price of $41.32 and a two-hundred day moving average price of $43.44. The stock has a market capitalization of $336.00 billion, a PE ratio of 13.85, a price-to-earnings-growth ratio of 1.21 and a beta of 1.30.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. As a group, equities analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.33%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s payout ratio is presently 30.95%.

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.