Bank of America Co. (NYSE:BAC) Shares Sold by Prosperitas Financial LLC

Prosperitas Financial LLC reduced its position in shares of Bank of America Co. (NYSE:BAC) by 39.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,534 shares of the financial services provider’s stock after selling 4,255 shares during the period. Prosperitas Financial LLC’s holdings in Bank of America were worth $220,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Roundview Capital LLC boosted its stake in Bank of America by 1.5% during the first quarter. Roundview Capital LLC now owns 135,764 shares of the financial services provider’s stock worth $5,596,000 after buying an additional 2,013 shares during the period. Loomis Sayles & Co. L P boosted its stake in Bank of America by 150.3% during the first quarter. Loomis Sayles & Co. L P now owns 1,985 shares of the financial services provider’s stock worth $82,000 after buying an additional 1,192 shares during the period. NewEdge Advisors LLC boosted its stake in Bank of America by 4.2% during the first quarter. NewEdge Advisors LLC now owns 405,098 shares of the financial services provider’s stock worth $16,698,000 after buying an additional 16,319 shares during the period. First Western Trust Bank purchased a new position in Bank of America during the first quarter worth about $586,000. Finally, Pearl River Capital LLC purchased a new position in Bank of America during the first quarter worth about $534,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Down 3.9 %

Bank of America stock traded down $1.42 during trading on Tuesday, reaching $34.53. The stock had a trading volume of 35,483,560 shares, compared to its average volume of 40,335,055. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $38.35. The business has a 50 day moving average price of $35.48 and a 200 day moving average price of $32.14. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.15. The stock has a market cap of $272.46 billion, a PE ratio of 11.21, a P/E/G ratio of 1.63 and a beta of 1.39.

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

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were issued a dividend of $0.24 per share. The ex-dividend date was Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a yield of 2.78%. Bank of America’s payout ratio is currently 31.27%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on BAC. Jefferies Financial Group increased their target price on shares of Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research note on Monday, April 8th. BMO Capital Markets lowered their price objective on shares of Bank of America from $37.00 to $36.00 and set a “market perform” rating for the company in a research note on Tuesday, January 16th. Evercore ISI raised their price objective on shares of Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research note on Thursday, April 4th. Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $32.00 to $41.00 in a research note on Tuesday, January 30th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a research note on Friday, April 5th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $38.29.

Bank of America Company 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.