TCI Wealth Advisors Inc. Sells 5,950 Shares of Bank of America Co. (NYSE:BAC)

TCI Wealth Advisors Inc. trimmed its position in shares of Bank of America Co. (NYSE:BAC) by 23.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 19,346 shares of the financial services provider’s stock after selling 5,950 shares during the period. TCI Wealth Advisors Inc.’s holdings in Bank of America were worth $651,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Fortis Group Advisors LLC purchased a new stake in Bank of America in the 3rd quarter valued at about $25,000. Criterion Capital Advisors LLC purchased a new stake in shares of Bank of America in the 4th quarter worth approximately $32,000. Glass Jacobson Investment Advisors llc lifted its position 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 worth $28,000 after purchasing an additional 504 shares during the period. ZRC Wealth Management LLC lifted its position 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 worth $38,000 after purchasing an additional 750 shares during the period. Finally, Private Ocean LLC lifted its position in shares of Bank of America by 34.0% in the 4th 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.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on BAC shares. Citigroup upped their price target on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 20th. HSBC reaffirmed a “hold” rating and issued a $39.00 price target (up previously from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. BMO Capital Markets upped their price target on shares of Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research report on Thursday, April 18th. Keefe, Bruyette & Woods increased their target price on shares of Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a research report on Friday, April 5th. Finally, Evercore ISI increased 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 report on Thursday, April 4th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $38.70.

Bank of America Stock Performance

Bank of America stock traded up $0.37 during mid-day trading on Friday, reaching $37.25. 34,082,662 shares of the company traded hands, compared to its average volume of 41,339,492. 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 Co. has a fifty-two week low of $24.96 and a fifty-two week high of $38.49. The company has a market capitalization of $291.31 billion, a price-to-earnings ratio of 12.89, a price-to-earnings-growth ratio of 1.66 and a beta of 1.37. The firm’s fifty day moving average is $36.46 and its two-hundred day moving average is $33.16.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The business had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. Bank of America’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.94 EPS. On average, equities research analysts expect that Bank of America Co. will post 3.21 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Bank of America Company 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.