B. Riley Wealth Advisors Inc. Trims Position in Bank of America Co. (NYSE:BAC)

B. Riley Wealth Advisors Inc. cut its position in Bank of America Co. (NYSE:BAC) by 8.7% in the fourth quarter, HoldingsChannel.com reports. The firm owned 234,573 shares of the financial services provider’s stock after selling 22,342 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in Bank of America were worth $7,898,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Fortis Group Advisors LLC purchased a new position in Bank of America during the third quarter valued at $25,000. Criterion Capital Advisors LLC purchased a new position in shares of Bank of America in the 4th quarter worth $32,000. Mark Sheptoff Financial Planning LLC lifted its holdings in shares of Bank of America by 431.0% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 1,062 shares of the financial services provider’s stock worth $36,000 after acquiring an additional 862 shares during the last quarter. ZRC Wealth Management LLC lifted its holdings 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 worth $38,000 after acquiring an additional 750 shares during the last quarter. Finally, Private Ocean LLC lifted its holdings in Bank of America by 34.0% during 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 in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Performance

NYSE:BAC traded up $0.29 during trading hours on Monday, hitting $39.53. 26,117,911 shares of the company were exchanged, compared to its average volume of 38,893,602. The stock has a market capitalization of $309.14 billion, a price-to-earnings ratio of 13.58, a PEG ratio of 1.75 and a beta of 1.36. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $40.19. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The company’s 50 day moving average price is $38.23 and its 200-day moving average price is $35.51.

Bank of America (NYSE:BACGet Free Report) last released its earnings results 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 company had revenue of $25.82 billion for the quarter, compared to the consensus estimate 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 previous year, the firm earned $0.94 EPS. As a group, research analysts forecast that Bank of America Co. will post 3.21 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders 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 2.43%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s payout ratio is 33.22%.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of research analyst reports. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. Citigroup lifted their price objective on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a report on Wednesday, March 20th. HSBC reissued a “hold” rating and set a $39.00 target price (up previously from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. UBS Group reissued a “neutral” rating and set a $40.00 target price (up previously from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Finally, StockNews.com downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Monday, May 20th. Two analysts have rated the stock with a sell rating, six have given a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $39.79.

Read Our Latest Analysis on Bank of America

Bank of America Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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