Navis Wealth Advisors LLC Sells 800 Shares of Bank of America Co. (NYSE:BAC)

Navis Wealth Advisors LLC decreased its position in shares of Bank of America Co. (NYSE:BAC) by 9.9% in the fourth quarter, Holdings Channel reports. The fund owned 7,317 shares of the financial services provider’s stock after selling 800 shares during the period. Navis Wealth Advisors LLC’s holdings in Bank of America were worth $246,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Fortis Group Advisors LLC acquired a new stake in Bank of America in the 3rd quarter valued at approximately $25,000. Glass Jacobson Investment Advisors llc lifted its holdings in shares of Bank of America by 98.1% during the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 504 shares during the period. Criterion Capital Advisors LLC acquired a new stake in shares of Bank of America during the 4th quarter valued at about $32,000. ZRC Wealth Management LLC increased its stake in Bank of America by 192.3% in the fourth quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 750 shares during the period. Finally, Private Ocean LLC lifted its stake in Bank of America by 34.0% during the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 325 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Down 0.2 %

BAC stock traded down $0.08 during trading hours on Friday, reaching $37.83. 28,668,680 shares of the stock were exchanged, compared to its average volume of 40,953,860. The firm’s 50-day moving average is $36.13 and its 200-day moving average is $32.76. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $38.49. The company has a market cap of $298.50 billion, a price-to-earnings ratio of 13.09, a PEG ratio of 1.69 and a beta of 1.39. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. During the same quarter last year, the firm earned $0.94 earnings per share. The firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. On average, equities research analysts expect that Bank of America Co. will post 3.19 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.54%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s dividend payout ratio is currently 33.22%.

Analysts Set New Price Targets

A number of analysts have weighed in on BAC shares. UBS Group reiterated a “neutral” rating and issued a $40.00 price target (up from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Evercore ISI lifted their target price on shares of Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research note on Thursday, April 4th. Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $32.00 to $41.00 in a report on Tuesday, January 30th. BMO Capital Markets raised their price target on Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a report on Thursday, April 18th. Finally, Oppenheimer dropped their price objective on Bank of America from $46.00 to $45.00 and set an “outperform” rating for the company in a report on Wednesday, April 17th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $38.53.

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.