Patriot Financial Group Insurance Agency LLC Reduces Position in Bank of America Co. (NYSE:BAC)

Patriot Financial Group Insurance Agency LLC lessened its stake in shares of Bank of America Co. (NYSE:BAC) by 0.8% during the 4th quarter, Holdings Channel reports. The firm owned 55,936 shares of the financial services provider’s stock after selling 437 shares during the quarter. Patriot Financial Group Insurance Agency LLC’s holdings in Bank of America were worth $1,883,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently bought and sold shares of the company. Fortis Group Advisors LLC purchased a new stake in shares of Bank of America in the 3rd quarter valued at $25,000. Glass Jacobson Investment Advisors llc boosted its holdings in shares of Bank of America by 98.1% in the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 504 shares during the last quarter. Castleview Partners LLC purchased a new stake in shares of Bank of America in the 1st quarter valued at $28,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Bank of America in the 1st quarter valued at $34,000. Finally, ZRC Wealth Management LLC boosted its holdings in shares of Bank of America by 192.3% in the 4th 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 last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on BAC. Citigroup upped their price objective on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a report on Wednesday, March 20th. Barclays boosted their target price on shares of Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research note on Tuesday, January 2nd. Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $32.00 to $41.00 in a research note on Tuesday, January 30th. Wells Fargo & Company boosted their target price on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday. Finally, Odeon Capital Group cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price for the company. in a research note on Tuesday, January 16th. One research analyst has rated the stock with a sell rating, six have given a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $36.15.

Bank of America Price Performance

NYSE:BAC traded up $0.11 during trading hours on Friday, reaching $37.92. 42,262,527 shares of the company were exchanged, compared to its average volume of 41,416,252. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15. The stock’s 50-day moving average is $34.59 and its 200-day moving average is $31.35. The firm has a market cap of $299.21 billion, a PE ratio of 12.35, a price-to-earnings-growth ratio of 1.74 and a beta of 1.38. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $38.00.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.01. The company had revenue of $22 billion during the quarter, compared to analysts’ expectations of $23.70 billion. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The firm’s revenue for the quarter was down 10.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.85 earnings per share. On average, sell-side analysts anticipate that Bank of America Co. will post 3.11 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, March 29th. Stockholders of record on Friday, March 1st will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.53%. The ex-dividend date is Thursday, February 29th. Bank of America’s payout ratio is 31.27%.

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.