Pitti Group Wealth Management LLC Sells 4,082 Shares of Bank of America Co. (NYSE:BAC)

Pitti Group Wealth Management LLC cut its position in shares of Bank of America Co. (NYSE:BAC) by 13.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 25,466 shares of the financial services provider’s stock after selling 4,082 shares during the period. Bank of America makes up about 0.9% of Pitti Group Wealth Management LLC’s portfolio, making the stock its 28th biggest holding. Pitti Group Wealth Management LLC’s holdings in Bank of America were worth $857,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Northern Trust Corp raised its position in Bank of America by 2.1% during the third quarter. Northern Trust Corp now owns 67,648,727 shares of the financial services provider’s stock valued at $1,852,222,000 after purchasing an additional 1,397,469 shares during the period. Barclays PLC raised its position in Bank of America by 97.3% during the third quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock valued at $1,130,538,000 after purchasing an additional 20,362,295 shares during the period. Charles Schwab Investment Management Inc. raised its position in Bank of America by 1.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 40,518,019 shares of the financial services provider’s stock valued at $1,109,383,000 after purchasing an additional 746,756 shares during the period. California Public Employees Retirement System raised its position in Bank of America by 5.9% during the fourth quarter. California Public Employees Retirement System now owns 22,538,500 shares of the financial services provider’s stock valued at $758,871,000 after purchasing an additional 1,250,096 shares during the period. Finally, Pzena Investment Management LLC raised its position in Bank of America by 28.7% during the third quarter. Pzena Investment Management LLC now owns 19,430,142 shares of the financial services provider’s stock valued at $531,997,000 after purchasing an additional 4,335,882 shares during the period. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Down 0.2 %

NYSE BAC traded down $0.08 during midday trading on Friday, hitting $37.83. 28,668,680 shares of the company traded hands, compared to its average volume of 40,953,860. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The company has a market cap of $298.50 billion, a PE ratio of 13.09, a price-to-earnings-growth ratio of 1.69 and a beta of 1.39. The company’s 50-day simple moving average is $36.13 and its 200-day simple moving average is $32.76. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $38.49.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.06. The business had revenue of $25.82 billion for 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 revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.94 EPS. As a group, equities research analysts forecast 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. 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 yield of 2.54%. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on BAC shares. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Barclays increased their price target on Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. Oppenheimer reduced their price target on Bank of America from $46.00 to $45.00 and set an “outperform” rating on the stock in a report on Wednesday, April 17th. BMO Capital Markets increased their price target on Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a report on Thursday, April 18th. Finally, Jefferies Financial Group increased their price target on Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a report on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat, Bank of America has an average rating of “Hold” and an average price target of $38.53.

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.