Bridgewealth Advisory Group LLC Trims Position in Bank of America Co. (NYSE:BAC)

Bridgewealth Advisory Group LLC lessened its stake in shares of Bank of America Co. (NYSE:BAC) by 4.4% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 15,706 shares of the financial services provider’s stock after selling 720 shares during the quarter. Bridgewealth Advisory Group LLC’s holdings in Bank of America were worth $529,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in BAC. Regent Peak Wealth Advisors LLC raised its stake in shares of Bank of America by 3.2% in the fourth quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock worth $336,000 after buying an additional 314 shares during the period. Kennedy Investment Group grew its position in shares of Bank of America by 0.6% during the fourth quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock worth $1,953,000 after purchasing an additional 321 shares in the last quarter. Private Ocean LLC grew its position in shares of Bank of America by 34.0% during the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 325 shares in the last quarter. Selective Wealth Management Inc. grew its position in shares of Bank of America by 2.0% during the fourth quarter. Selective Wealth Management Inc. now owns 17,351 shares of the financial services provider’s stock worth $586,000 after purchasing an additional 334 shares in the last quarter. Finally, Legacy Capital Wealth Partners LLC grew its position in shares of Bank of America by 4.0% during the fourth quarter. Legacy Capital Wealth Partners LLC now owns 8,770 shares of the financial services provider’s stock worth $295,000 after purchasing an additional 338 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on BAC shares. Evercore ISI raised their price target on Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a report on Thursday, April 4th. Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $32.00 to $41.00 in a report on Tuesday, January 30th. Citigroup raised their price target on Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a report on Wednesday, March 20th. Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price target for the company in a report on Friday, April 19th. Finally, Keefe, Bruyette & Woods lifted their target price on Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a report on Friday, April 5th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $38.53.

Bank of America Stock Up 0.5 %

NYSE:BAC traded up $0.18 during mid-day trading on Monday, hitting $38.01. 3,994,044 shares of the company’s stock traded hands, compared to its average volume of 40,970,129. The company has a fifty day moving average of $36.13 and a 200 day moving average of $32.80. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $38.49. The company has a market capitalization of $299.92 billion, a P/E ratio of 13.09, a P/E/G ratio of 1.69 and a beta of 1.39. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. During the same period in the prior year, the company earned $0.94 earnings per share. The company’s revenue was down 1.7% on a year-over-year basis. On average, analysts forecast that Bank of America Co. will post 3.19 EPS for the current year.

Bank of America Announces Dividend

The company 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 $0.24 dividend. The ex-dividend date is Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.53%. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

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.