ARS Wealth Advisors Group LLC Has $6.07 Million Stake in Bank of America Co. (NYSE:BAC)

ARS Wealth Advisors Group LLC reduced its stake in Bank of America Co. (NYSE:BAC) by 14.4% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 180,360 shares of the financial services provider’s stock after selling 30,314 shares during the quarter. ARS Wealth Advisors Group LLC’s holdings in Bank of America were worth $6,073,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Fortis Group Advisors LLC acquired a new position in Bank of America in the 3rd quarter valued at $25,000. Glass Jacobson Investment Advisors llc grew its position in shares of 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 purchasing an additional 504 shares during the last quarter. Criterion Capital Advisors LLC bought a new position in shares of Bank of America in the fourth quarter worth about $32,000. ZRC Wealth Management LLC lifted its position in shares of Bank of America by 192.3% during the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 750 shares during the last quarter. Finally, Private Ocean LLC grew its holdings in Bank of America by 34.0% in the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after buying an additional 325 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of Bank of America stock traded up $0.37 during midday trading on Friday, reaching $37.25. The company had a trading volume of 34,082,662 shares, compared to its average volume of 41,339,492. The stock has a fifty day simple moving average of $36.46 and a 200 day simple moving average of $33.08. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $38.49. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a market capitalization of $291.31 billion, a price-to-earnings ratio of 12.89, 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, beating the consensus estimate of $0.77 by $0.06. The business had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The firm’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.94 earnings per share. As a group, equities research analysts forecast that Bank of America Co. will post 3.21 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 issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio is presently 33.22%.

Analyst Ratings Changes

A number of research analysts have recently commented on BAC shares. Odeon Capital Group lowered Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target for the company. in a report on Tuesday, January 16th. UBS Group restated a “neutral” rating and set a $40.00 price target (up from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Oppenheimer raised their price objective on Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 30th. Keefe, Bruyette & Woods upped their target price on 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. Finally, BMO Capital Markets boosted their price target on shares of Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a report on Thursday, April 18th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target 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.