Beaumont Financial Advisors LLC Cuts Stake in Bank of America Co. (NYSE:BAC)

Beaumont Financial Advisors LLC lowered its holdings in shares of Bank of America Co. (NYSE:BAC) by 2.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 81,800 shares of the financial services provider’s stock after selling 2,378 shares during the quarter. Beaumont Financial Advisors LLC’s holdings in Bank of America were worth $2,754,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in BAC. Fortis Group Advisors LLC bought a new stake in shares of Bank of America in the 3rd quarter valued at approximately $25,000. Castleview Partners LLC bought a new stake in shares of Bank of America in the 1st quarter valued at approximately $28,000. Glass Jacobson Investment Advisors llc lifted its stake in shares of Bank of America by 98.1% in the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 504 shares during the last quarter. ZRC Wealth Management LLC lifted its stake in shares of Bank of America by 192.3% in the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 750 shares during the last quarter. Finally, Live Oak Investment Partners bought a new stake in shares of Bank of America in the 4th quarter valued at approximately $39,000. 70.71% of the stock is owned by institutional investors.

Bank of America Trading Up 3.5 %

BAC traded up $1.26 during trading on Friday, hitting $37.03. 33,580,243 shares of the stock were exchanged, compared to its average volume of 41,470,281. The firm has a 50 day simple moving average of $35.61 and a 200 day simple moving average of $32.24. The firm has a market cap of $292.19 billion, a price-to-earnings ratio of 12.81, a P/E/G ratio of 1.59 and a beta of 1.39. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $38.35. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.80 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) 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 the consensus estimate of $25.49 billion. During the same period last year, the business posted $0.94 EPS. The business’s revenue was down 1.7% compared to the same quarter last year. As a group, equities analysts expect that Bank of America Co. will post 3.16 EPS for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were issued a $0.24 dividend. The ex-dividend date was Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.59%. Bank of America’s dividend payout ratio is presently 33.22%.

Analyst Upgrades and Downgrades

BAC has been the subject of several analyst reports. HSBC reaffirmed a “hold” rating and issued a $39.00 price objective (up from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Oppenheimer decreased their price target on Bank of America from $46.00 to $45.00 and set an “outperform” rating for the company in a research note on Wednesday. Wells Fargo & Company raised their price target 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. Citigroup raised their price target 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. Finally, Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $38.53.

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.