Howe & Rusling Inc. Reduces Stock Position in Bank of America Co. (NYSE:BAC)

Howe & Rusling Inc. trimmed its holdings in Bank of America Co. (NYSE:BAC) by 8.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 404,232 shares of the financial services provider’s stock after selling 38,272 shares during the period. Bank of America makes up 1.4% of Howe & Rusling Inc.’s investment portfolio, making the stock its 18th biggest holding. Howe & Rusling Inc.’s holdings in Bank of America were worth $13,610,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Concord Wealth Partners grew its position in shares of Bank of America by 10.2% during the 4th quarter. Concord Wealth Partners now owns 55,259 shares of the financial services provider’s stock valued at $1,861,000 after purchasing an additional 5,103 shares in the last quarter. DiNuzzo Private Wealth Inc. purchased a new position in Bank of America during the fourth quarter worth about $105,000. Global Wealth Management Investment Advisory Inc. increased its stake in Bank of America by 1.8% in the 4th quarter. Global Wealth Management Investment Advisory Inc. now owns 221,218 shares of the financial services provider’s stock worth $7,448,000 after acquiring an additional 3,840 shares during the last quarter. Cary Street Partners Asset Management LLC grew its holdings in shares of Bank of America by 17.3% during the fourth quarter. Cary Street Partners Asset Management LLC now owns 14,306 shares of the financial services provider’s stock worth $482,000 after purchasing an additional 2,110 shares in the last quarter. Finally, Hexagon Capital Partners LLC grew its holdings in shares of Bank of America by 0.7% during the fourth quarter. Hexagon Capital Partners LLC now owns 64,816 shares of the financial services provider’s stock worth $2,182,000 after purchasing an additional 419 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 0.4 %

NYSE:BAC traded up $0.14 during trading hours on Wednesday, reaching $37.15. The company’s stock had a trading volume of 23,982,504 shares, compared to its average volume of 40,888,625. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The company has a market capitalization of $293.14 billion, a P/E ratio of 12.89, a price-to-earnings-growth ratio of 1.68 and a beta of 1.39. The stock has a 50 day moving average price of $36.26 and a two-hundred day moving average price of $32.95. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $38.49.

Bank of America (NYSE:BAC) last posted its quarterly earnings data 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 firm had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business’s quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.94 EPS. Equities analysts predict that Bank of America Co. will post 3.19 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared 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 dividend on an annualized basis and a yield of 2.58%. Bank of America’s dividend payout ratio is currently 33.22%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on BAC shares. BMO Capital Markets lifted their target price on shares of Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research report on Thursday, April 18th. Barclays increased their target price on Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research note on Tuesday, January 2nd. Evercore ISI increased their price objective on Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Wolfe Research raised Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective on the stock in a report on Friday, April 19th. Finally, UBS Group reaffirmed a “neutral” rating and issued a $40.00 target price (up previously from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $38.70.

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.