Schear Investment Advisers LLC Lowers Stake in Bank of America Co. (NYSE:BAC)

Schear Investment Advisers LLC cut its position in shares of Bank of America Co. (NYSE:BAC) by 4.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 39,662 shares of the financial services provider’s stock after selling 2,040 shares during the quarter. Bank of America makes up 1.3% of Schear Investment Advisers LLC’s investment portfolio, making the stock its 24th largest position. Schear Investment Advisers LLC’s holdings in Bank of America were worth $1,335,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of BAC. Fortis Group Advisors LLC acquired a new position in shares of Bank of America during the third quarter worth $25,000. Castleview Partners LLC acquired a new position in shares of Bank of America during the first quarter worth $28,000. Glass Jacobson Investment Advisors llc raised its holdings in Bank of America by 98.1% in the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 504 shares in the last quarter. ZRC Wealth Management LLC raised its holdings in Bank of America by 192.3% in the fourth quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 750 shares in the last quarter. Finally, Live Oak Investment Partners acquired a new stake in Bank of America in the fourth quarter valued at $39,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Price Performance

BAC traded up $1.18 on Friday, reaching $36.95. The company had a trading volume of 36,507,310 shares, compared to its average volume of 41,493,766. The company has a fifty day moving average of $35.61 and a 200-day moving average of $32.24. The company has a market capitalization of $291.56 billion, a P/E ratio of 12.81, a PEG ratio of 1.59 and a beta of 1.39. The company has a current ratio of 0.79, a quick ratio of 0.80 and a debt-to-equity ratio of 1.12. Bank of America Co. has a one year low of $24.96 and a one year high of $38.35.

Bank of America (NYSE:BAC) last announced its 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. The firm had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. Bank of America’s revenue was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.94 EPS. As a group, equities research analysts anticipate that Bank of America Co. will post 3.16 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were given a $0.24 dividend. The ex-dividend date was Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a yield of 2.60%. Bank of America’s dividend payout ratio is presently 33.22%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on BAC shares. Barclays upped their price target on shares of Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. 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 report on Monday, April 8th. UBS Group reissued a “neutral” rating and set a $40.00 target price (up from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Wells Fargo & Company increased their target price 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. Finally, Evercore ISI increased 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. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $38.53.

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.