Spectrum Financial Alliance Ltd LLC lifted its stake in shares of Bank of America Corp (NYSE:BAC) by 0.3% in the fourth quarter, HoldingsChannel reports. The firm owned 732,002 shares of the financial services provider’s stock after buying an additional 2,138 shares during the period. Bank of America accounts for about 13.6% of Spectrum Financial Alliance Ltd LLC’s investment portfolio, making the stock its largest position. Spectrum Financial Alliance Ltd LLC’s holdings in Bank of America were worth $17,922,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Pinnacle Wealth Management Advisory Group LLC grew its stake in Bank of America by 3.8% during the 4th quarter. Pinnacle Wealth Management Advisory Group LLC now owns 9,573 shares of the financial services provider’s stock valued at $236,000 after acquiring an additional 350 shares in the last quarter. Abbot Financial Management Inc. grew its stake in Bank of America by 0.3% during the 4th quarter. Abbot Financial Management Inc. now owns 126,174 shares of the financial services provider’s stock valued at $3,109,000 after acquiring an additional 356 shares in the last quarter. Cahill Financial Advisors Inc. grew its stake in Bank of America by 4.1% during the 4th quarter. Cahill Financial Advisors Inc. now owns 9,391 shares of the financial services provider’s stock valued at $232,000 after acquiring an additional 369 shares in the last quarter. Gradient Capital Advisors LLC grew its stake in Bank of America by 2.1% during the 4th quarter. Gradient Capital Advisors LLC now owns 18,193 shares of the financial services provider’s stock valued at $448,000 after acquiring an additional 380 shares in the last quarter. Finally, LVW Advisors LLC grew its stake in Bank of America by 3.6% during the 4th quarter. LVW Advisors LLC now owns 11,345 shares of the financial services provider’s stock valued at $280,000 after acquiring an additional 398 shares in the last quarter. 65.24% of the stock is owned by institutional investors and hedge funds.

In other news, insider Dean C. Athanasia sold 129,615 shares of the stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $29.78, for a total value of $3,859,934.70. Following the completion of the sale, the insider now owns 243,617 shares of the company’s stock, valued at approximately $7,254,914.26. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.17% of the company’s stock.

Bank of America stock opened at $30.02 on Thursday. Bank of America Corp has a 1-year low of $22.66 and a 1-year high of $31.91. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.91 and a quick ratio of 0.91. The company has a market capitalization of $308.03 billion, a PE ratio of 11.50, a PEG ratio of 1.32 and a beta of 1.47.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.05. Bank of America had a net margin of 25.42% and a return on equity of 11.79%. The business had revenue of $23 billion during the quarter, compared to analysts’ expectations of $23.24 billion. During the same quarter in the prior year, the company posted $0.62 EPS. The business’s revenue for the quarter was down .4% on a year-over-year basis. As a group, equities analysts forecast that Bank of America Corp will post 2.86 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were paid a $0.15 dividend. The ex-dividend date of this dividend was Thursday, February 28th. This represents a $0.60 annualized dividend and a dividend yield of 2.00%. Bank of America’s dividend payout ratio (DPR) is 22.99%.

Several analysts recently issued reports on BAC shares. UBS Group set a $33.00 price objective on shares of Bank of America and gave the company a “buy” rating in a research note on Saturday, February 2nd. HSBC started coverage on shares of Bank of America in a research note on Thursday, April 4th. They set a “hold” rating and a $29.00 price objective for the company. Barclays reaffirmed a “hold” rating on shares of Bank of America in a research note on Thursday, January 17th. ValuEngine cut shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Friday, March 1st. Finally, BMO Capital Markets upped their price objective on shares of Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research note on Wednesday, April 17th. Ten research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $33.18.

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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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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