Glassman Wealth Services Sells 1,212 Shares of Bank of America Co. (NYSE:BAC)

Glassman Wealth Services trimmed its holdings in Bank of America Co. (NYSE:BAC) by 5.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 22,059 shares of the financial services provider’s stock after selling 1,212 shares during the quarter. Glassman Wealth Services’ holdings in Bank of America were worth $743,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Schechter Investment Advisors LLC lifted its position in Bank of America by 8.2% in the third quarter. Schechter Investment Advisors LLC now owns 55,348 shares of the financial services provider’s stock worth $1,515,000 after purchasing an additional 4,187 shares during the period. Ethos Financial Group LLC raised its stake in Bank of America by 6.2% during the fourth quarter. Ethos Financial Group LLC now owns 8,452 shares of the financial services provider’s stock worth $285,000 after acquiring an additional 492 shares in the last quarter. Auxano Advisors LLC raised its stake in Bank of America by 234.5% during the fourth quarter. Auxano Advisors LLC now owns 27,356 shares of the financial services provider’s stock worth $921,000 after acquiring an additional 19,179 shares in the last quarter. Stonebridge Capital Advisors LLC raised its stake in Bank of America by 3.7% during the third quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock worth $1,793,000 after acquiring an additional 2,332 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC raised its stake in Bank of America by 228.3% during the fourth quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock worth $2,273,000 after acquiring an additional 46,950 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Trading Up 1.4 %

BAC stock traded up $0.53 during midday trading on Friday, reaching $39.70. The stock had a trading volume of 22,166,306 shares, compared to its average volume of 30,858,416. The business has a fifty day simple moving average of $37.54 and a two-hundred day simple moving average of $34.39. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm has a market cap of $310.47 billion, a price-to-earnings ratio of 13.74, a PEG ratio of 1.76 and a beta of 1.37. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $39.84.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.06. The business had revenue of $25.82 billion for 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 quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.94 EPS. As a group, research analysts expect that Bank of America Co. will post 3.23 EPS for the current fiscal year.

Bank of America Dividend Announcement

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

Analysts Set New Price Targets

Several research firms have issued reports on BAC. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. UBS Group reiterated a “neutral” rating and set a $40.00 price objective (up from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective for the company in a research note on Friday, April 19th. BMO Capital Markets increased their price objective on Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research note on Thursday, April 18th. Finally, Jefferies Financial Group raised their target price on Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research note on Monday, April 8th. Two equities research 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.com, the company presently has a consensus rating of “Hold” and an average 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.