Marino Stram & Associates LLC Sells 640 Shares of Bank of America Co. (NYSE:BAC)

Marino Stram & Associates LLC reduced its position in shares of Bank of America Co. (NYSE:BAC) by 3.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 18,235 shares of the financial services provider’s stock after selling 640 shares during the period. Marino Stram & Associates LLC’s holdings in Bank of America were worth $614,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Fortis Group Advisors LLC acquired a new position in shares of Bank of America in the third quarter worth approximately $25,000. Castleview Partners LLC acquired a new position in shares of Bank of America in the first quarter worth approximately $28,000. Glass Jacobson Investment Advisors llc lifted its stake in shares of Bank of America by 98.1% in the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 504 shares during the period. ZRC Wealth Management LLC lifted its stake in shares of Bank of America by 192.3% in the fourth quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 750 shares during the period. Finally, Live Oak Investment Partners acquired a new position in shares of Bank of America in the fourth quarter worth approximately $39,000. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on BAC. Wells Fargo & Company lifted their price objective on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Morgan Stanley raised Bank of America from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $32.00 to $41.00 in a research note on Tuesday, January 30th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Evercore ISI boosted their price target on Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research note on Thursday, April 4th. Finally, Jefferies Financial Group boosted their price target on Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research note on Monday, April 8th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $38.29.

Bank of America Stock Performance

BAC traded down $1.32 during trading hours on Tuesday, hitting $34.63. The stock had a trading volume of 59,317,673 shares, compared to its average volume of 40,661,395. The company’s fifty day simple moving average is $35.48 and its 200 day simple moving average is $32.14. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $38.35. The stock has a market cap of $273.25 billion, a PE ratio of 11.31, a price-to-earnings-growth ratio of 1.63 and a beta of 1.39. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.15.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.01. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The company had revenue of $22 billion during the quarter, compared to analyst estimates of $23.70 billion. During the same quarter last year, the firm posted $0.85 EPS. The firm’s revenue for the quarter was down 10.2% on a year-over-year basis. Equities analysts anticipate that Bank of America Co. will post 3.13 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.77%. The ex-dividend date was Thursday, February 29th. Bank of America’s dividend payout ratio (DPR) is currently 31.27%.

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.