KWB Wealth Sells 2,385 Shares of Bank of America Co. (NYSE:BAC)

KWB Wealth reduced its stake in shares of Bank of America Co. (NYSE:BAC) by 18.6% in the first quarter, according to its most recent filing with the SEC. The fund owned 10,426 shares of the financial services provider’s stock after selling 2,385 shares during the period. KWB Wealth’s holdings in Bank of America were worth $395,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in BAC. Fortis Group Advisors LLC bought a new stake in shares of Bank of America during the 3rd quarter worth $25,000. Livelsberger Financial Advisory bought a new stake in shares of Bank of America during the 4th quarter worth $28,000. Criterion Capital Advisors LLC bought a new stake in shares of Bank of America during the 4th quarter worth $32,000. Northwest Investment Counselors LLC bought a new stake in Bank of America in the first quarter worth $33,000. Finally, Mark Sheptoff Financial Planning LLC lifted its stake in Bank of America by 431.0% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 1,062 shares of the financial services provider’s stock worth $36,000 after purchasing an additional 862 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Trading Down 0.1 %

Shares of NYSE BAC traded down $0.03 during midday trading on Thursday, hitting $40.90. 17,100,666 shares of the company traded hands, compared to its average volume of 35,032,784. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $41.20. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The stock has a 50-day moving average price of $39.06 and a 200 day moving average price of $36.25. The firm has a market cap of $319.85 billion, a P/E ratio of 14.15, a P/E/G ratio of 1.56 and a beta of 1.35.

Bank of America (NYSE:BAC) last announced its quarterly 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. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. During the same quarter in the previous year, the company earned $0.94 earnings per share. Bank of America’s quarterly revenue was down 1.7% on a year-over-year basis. As a group, analysts expect that Bank of America Co. will post 3.22 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.35%. The ex-dividend date of this dividend was Friday, June 7th. Bank of America’s dividend payout ratio is currently 33.22%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on BAC shares. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Wells Fargo & Company boosted their price target on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Jefferies Financial Group boosted their price target on shares of Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research note on Wednesday. Evercore ISI boosted their price target on shares of Bank of America from $41.00 to $43.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, Keefe, Bruyette & Woods raised shares of Bank of America from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $37.00 to $46.00 in a research note on Friday, June 14th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $40.02.

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.