Pinnacle Wealth Management Advisory Group LLC Has $2.26 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Pinnacle Wealth Management Advisory Group LLC decreased its stake in shares of Bank of America Co. (NYSE:BAC) by 3.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 67,226 shares of the financial services provider’s stock after selling 2,598 shares during the period. Pinnacle Wealth Management Advisory Group LLC’s holdings in Bank of America were worth $2,264,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Regent Peak Wealth Advisors LLC boosted its stake in Bank of America by 3.2% during the fourth quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock valued at $336,000 after buying an additional 314 shares during the period. Kennedy Investment Group boosted its position in shares of Bank of America by 0.6% during the 4th quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock valued at $1,953,000 after acquiring an additional 321 shares during the last quarter. Private Ocean LLC grew its holdings 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. increased its position in shares of Bank of America by 2.0% in 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 during the last quarter. Finally, Legacy Capital Wealth Partners LLC raised its stake in Bank of America by 4.0% in the fourth quarter. Legacy Capital Wealth Partners LLC now owns 8,770 shares of the financial services provider’s stock valued at $295,000 after purchasing an additional 338 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Up 0.8 %

BAC stock traded up $0.29 on Thursday, reaching $38.00. 12,102,343 shares of the company traded hands, compared to its average volume of 40,192,277. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The firm has a fifty day simple moving average of $36.61 and a 200-day simple moving average of $33.31. Bank of America Co. has a one year low of $24.96 and a one year high of $38.49. The company has a market cap of $297.17 billion, a P/E ratio of 13.13, a price-to-earnings-growth ratio of 1.66 and a beta of 1.37.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.06. The firm had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. Bank of America’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.94 EPS. Research analysts anticipate that Bank of America Co. will post 3.21 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 annualized dividend and a yield of 2.53%. Bank of America’s dividend payout ratio is 33.22%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on BAC shares. Wells Fargo & Company increased their price target on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Citigroup upped their target price on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 20th. JPMorgan Chase & Co. increased their price target on shares of Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a research report on Wednesday, May 1st. 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. Finally, Keefe, Bruyette & Woods upped their price target on shares of Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a research report on Friday, April 5th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $38.70.

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.