Nvwm LLC Reduces Position in Bank of America Co. (NYSE:BAC)

Nvwm LLC lowered its stake in shares of Bank of America Co. (NYSE:BAC) by 1.4% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 48,274 shares of the financial services provider’s stock after selling 685 shares during the period. Nvwm LLC’s holdings in Bank of America were worth $1,625,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Marks Group Wealth Management Inc bought a new position in Bank of America in the third quarter worth approximately $223,000. Private Management Group Inc. lifted its position in Bank of America by 4.7% during the third quarter. Private Management Group Inc. now owns 16,235 shares of the financial services provider’s stock valued at $445,000 after purchasing an additional 722 shares in the last quarter. Jennison Associates LLC grew its holdings in Bank of America by 10.5% during the third quarter. Jennison Associates LLC now owns 5,219,162 shares of the financial services provider’s stock valued at $142,901,000 after purchasing an additional 495,588 shares during the period. Community Bank & Trust Waco Texas increased its position in Bank of America by 5.0% in the third quarter. Community Bank & Trust Waco Texas now owns 41,560 shares of the financial services provider’s stock worth $1,255,000 after buying an additional 1,962 shares in the last quarter. Finally, Resonant Capital Advisors LLC bought a new position in shares of Bank of America in the third quarter worth about $217,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 1.0 %

Shares of NYSE:BAC traded up $0.39 during trading on Wednesday, hitting $38.88. The company had a trading volume of 13,916,606 shares, compared to its average volume of 39,619,945. The stock has a market cap of $304.06 billion, a price-to-earnings ratio of 13.48, a price-to-earnings-growth ratio of 1.69 and a beta of 1.37. 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 company has a fifty day simple moving average of $36.96 and a two-hundred day simple moving average of $33.76. Bank of America Co. has a one year low of $24.96 and a one year high of $39.24.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. During the same period in the previous year, the firm earned $0.94 earnings per share. Bank of America’s quarterly revenue was down 1.7% compared to the same quarter last year. As a group, equities analysts forecast that Bank of America Co. will post 3.23 earnings per share for the current year.

Bank of America Dividend Announcement

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 given a dividend of $0.24 per share. The ex-dividend date is Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.47%. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Analyst Ratings Changes

BAC has been the topic of a number of recent analyst reports. UBS Group restated a “neutral” rating and set a $40.00 target price (up previously from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Evercore ISI upped their target price on shares of Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. HSBC reissued a “hold” rating and set a $39.00 price target (up from $38.00) on shares of Bank of America in a report on Thursday, March 28th. BMO Capital Markets upped their price objective on Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research note on Thursday, April 18th. Finally, Wolfe Research raised Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price on the stock in a research note on Friday, April 19th. One analyst has rated the stock with a sell rating, eight have given a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $38.70.

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.