Bank of America Co. (NYSE:BAC) Shares Sold by ProVise Management Group LLC

ProVise Management Group LLC decreased its position in shares of Bank of America Co. (NYSE:BAC) by 1.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 92,481 shares of the financial services provider’s stock after selling 1,114 shares during the quarter. ProVise Management Group LLC’s holdings in Bank of America were worth $3,114,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Norges Bank acquired a new stake in Bank of America in the fourth quarter worth about $3,734,407,000. Northern Trust Corp lifted its stake in shares of Bank of America by 2.1% in the 3rd quarter. Northern Trust Corp now owns 67,648,727 shares of the financial services provider’s stock worth $1,852,222,000 after acquiring an additional 1,397,469 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Bank of America by 3.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 41,833,075 shares of the financial services provider’s stock valued at $1,408,520,000 after acquiring an additional 1,315,056 shares in the last quarter. Barclays PLC increased its stake in shares of Bank of America by 97.3% during the third quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock valued at $1,130,538,000 after acquiring an additional 20,362,295 shares during the period. Finally, Fisher Asset Management LLC raised its holdings in Bank of America by 17.1% during the fourth quarter. Fisher Asset Management LLC now owns 37,649,708 shares of the financial services provider’s stock worth $1,267,666,000 after purchasing an additional 5,484,219 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 1.4 %

Bank of America stock traded up $0.53 during trading hours on Friday, hitting $39.70. The company had a trading volume of 22,166,306 shares, compared to its average volume of 30,858,416. The firm’s fifty day moving average is $37.54 and its 200-day moving average is $34.34. The firm has a market capitalization of $310.47 billion, a P/E ratio of 13.74, a price-to-earnings-growth ratio of 1.73 and a beta of 1.37. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $39.84. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

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

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.42%. Bank of America’s dividend payout ratio is 33.22%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on BAC. Keefe, Bruyette & Woods lifted their price target on Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a research report on Friday, April 5th. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. BMO Capital Markets raised their price objective on shares of Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research report on Thursday, April 18th. Wolfe Research upgraded shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price on the stock in a report on Friday, April 19th. Finally, HSBC restated a “hold” rating and set a $39.00 target price (up from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $38.70.

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.