Bank of America Co. (NYSE:BAC) Shares Sold by Alta Wealth Advisors LLC

Alta Wealth Advisors LLC lowered its stake in shares of Bank of America Co. (NYSE:BAC) by 4.8% during the 4th quarter, HoldingsChannel.com reports. The fund owned 5,446 shares of the financial services provider’s stock after selling 273 shares during the quarter. Alta Wealth Advisors LLC’s holdings in Bank of America were worth $239,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of BAC. American Trust increased its holdings in shares of Bank of America by 4.7% in the second quarter. American Trust now owns 10,529 shares of the financial services provider’s stock valued at $419,000 after purchasing an additional 470 shares during the period. Anchor Investment Management LLC increased its holdings in Bank of America by 10.5% in the 2nd quarter. Anchor Investment Management LLC now owns 100,678 shares of the financial services provider’s stock worth $4,004,000 after buying an additional 9,604 shares during the period. Mattson Financial Services LLC purchased a new position in Bank of America during the 2nd quarter worth approximately $2,902,000. Trust Co. of Toledo NA OH lifted its stake in Bank of America by 3.2% during the 3rd quarter. Trust Co. of Toledo NA OH now owns 13,288 shares of the financial services provider’s stock valued at $527,000 after acquiring an additional 417 shares during the period. Finally, Czech National Bank boosted its holdings in shares of Bank of America by 6.0% in the 3rd quarter. Czech National Bank now owns 1,375,216 shares of the financial services provider’s stock valued at $54,569,000 after acquiring an additional 78,376 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and raised their target price for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Keefe, Bruyette & Woods lifted their price objective on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Evercore ISI lowered their target price on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research note on Friday, January 17th. Oppenheimer raised their target price on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Stock Down 0.1 %

Shares of BAC opened at $46.68 on Friday. The stock has a 50 day moving average price of $45.85 and a 200 day moving average price of $42.76. Bank of America Co. has a one year low of $32.35 and a one year high of $48.08. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market capitalization of $358.19 billion, a price-to-earnings ratio of 14.50, a PEG ratio of 1.27 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.70 earnings per share. Equities research analysts forecast that Bank of America Co. will post 3.67 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, March 28th. Shareholders of record on Friday, March 7th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.23%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is 32.30%.

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