Etesian Wealth Advisors Inc. Sells 2,261 Shares of Bank of America Co. (NYSE:BAC)

Etesian Wealth Advisors Inc. cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 4.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 45,068 shares of the financial services provider’s stock after selling 2,261 shares during the quarter. Etesian Wealth Advisors Inc.’s holdings in Bank of America were worth $1,709,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. Ethos Financial Group LLC increased its stake in Bank of America by 6.2% in the fourth quarter. Ethos Financial Group LLC now owns 8,452 shares of the financial services provider’s stock valued at $285,000 after acquiring an additional 492 shares during the last quarter. Auxano Advisors LLC boosted its position in Bank of America by 234.5% in the fourth quarter. Auxano Advisors LLC now owns 27,356 shares of the financial services provider’s stock valued at $921,000 after buying an additional 19,179 shares in the last quarter. Stonebridge Capital Advisors LLC boosted its position in Bank of America by 3.7% in the third quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock valued at $1,793,000 after buying an additional 2,332 shares in the last quarter. Kingswood Wealth Advisors LLC boosted its position in Bank of America by 228.3% in the fourth quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock valued at $2,273,000 after buying an additional 46,950 shares in the last quarter. Finally, DiNuzzo Private Wealth Inc. acquired a new stake in Bank of America in the fourth quarter valued at approximately $105,000. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Down 2.3 %

BAC traded down $0.89 during midday trading on Wednesday, hitting $38.49. The company had a trading volume of 24,996,820 shares, compared to its average volume of 38,779,570. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $40.34. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a market capitalization of $301.01 billion, a price-to-earnings ratio of 13.37, a PEG ratio of 1.50 and a beta of 1.36. The stock’s 50 day moving average price is $38.71 and its 200 day moving average price is $35.95.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.77 by $0.06. The company had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.94 earnings per share. On average, research analysts anticipate that Bank of America Co. will post 3.22 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, June 28th. Stockholders of record on Friday, June 7th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.49%. The ex-dividend date is Friday, June 7th. Bank of America’s payout ratio is presently 33.22%.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. UBS Group restated a “neutral” rating and issued a $40.00 target price (up previously from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. HSBC reiterated a “hold” rating and set a $39.00 price target (up previously from $38.00) on shares of Bank of America in a report on Thursday, March 28th. JPMorgan Chase & Co. lifted their price target on shares of Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a report on Wednesday, May 1st. BMO Capital Markets lifted 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 report on Thursday, April 18th. Finally, Wolfe Research upgraded shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price target on the stock in a report on Friday, April 19th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $39.79.

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.