Bank of America Co. (NYSE:BAC) Shares Sold by Pathway Financial Advisers LLC

Pathway Financial Advisers LLC reduced its stake in Bank of America Co. (NYSE:BAC) by 97.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 14,142 shares of the financial services provider’s stock after selling 557,018 shares during the quarter. Pathway Financial Advisers LLC’s holdings in Bank of America were worth $622,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of BAC. Collier Financial acquired a new stake in Bank of America during the fourth quarter worth about $25,000. Kennebec Savings Bank acquired a new position in Bank of America in the 3rd quarter valued at about $29,000. Highline Wealth Partners LLC grew its holdings in shares of Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 510 shares in the last quarter. Retirement Wealth Solutions LLC acquired a new stake in Bank of America during the 4th quarter worth approximately $42,000. Finally, Northwest Investment Counselors LLC purchased a new position in Bank of America in the 3rd quarter valued at approximately $45,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Price Performance

BAC stock opened at $46.21 on Thursday. The company has a market cap of $354.56 billion, a price-to-earnings ratio of 14.35, a PEG ratio of 1.29 and a beta of 1.33. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm has a 50 day moving average of $45.76 and a 200-day moving average of $43.02. Bank of America Co. has a 12-month low of $32.35 and a 12-month high of $48.08.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.05. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Bank of America’s revenue was up 15.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.70 earnings per share. As a group, equities analysts expect that Bank of America Co. will post 3.69 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.25%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Wells Fargo & Company boosted their target price on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Keefe, Bruyette & Woods upped their target price on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a report on Tuesday, January 7th. Finally, Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price objective for the company from $46.00 to $54.00 in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $48.58.

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.