Bank of America Co. (NYSE:BAC) Shares Sold by Laird Norton Wetherby Wealth Management LLC

Laird Norton Wetherby Wealth Management LLC decreased its stake in Bank of America Co. (NYSE:BAC - Free Report) by 5.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 181,622 shares of the financial services provider's stock after selling 10,528 shares during the period. Laird Norton Wetherby Wealth Management LLC's holdings in Bank of America were worth $7,982,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Lederer & Associates Investment Counsel CA grew its holdings in Bank of America by 1.1% during the 4th quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider's stock worth $879,000 after acquiring an additional 217 shares in the last quarter. Avalon Trust Co grew its holdings in Bank of America by 14.6% during the 4th quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider's stock worth $76,000 after acquiring an additional 219 shares in the last quarter. Prossimo Advisors LLC grew its holdings in Bank of America by 2.5% during the 4th quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider's stock worth $390,000 after acquiring an additional 220 shares in the last quarter. Marino Stram & Associates LLC grew its holdings in Bank of America by 1.7% during the 4th quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider's stock worth $580,000 after acquiring an additional 222 shares in the last quarter. Finally, Keudell Morrison Wealth Management grew its holdings in Bank of America by 2.8% during the 4th quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider's stock worth $364,000 after acquiring an additional 223 shares in the last quarter. Institutional investors own 70.71% of the company's stock.

Analyst Ratings Changes

Several research analysts have commented on the stock. Citigroup lowered their price target on shares of Bank of America from $54.00 to $50.00 and set a "buy" rating for the company in a report on Monday, March 24th. Oppenheimer boosted their price objective on shares of Bank of America from $50.00 to $51.00 and gave the stock an "outperform" rating in a research report on Monday, April 28th. Royal Bank of Canada reduced their price objective on shares of Bank of America from $50.00 to $45.00 and set an "outperform" rating for the company in a research report on Wednesday, April 16th. Argus reduced their price objective on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Finally, Baird R W upgraded shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 7th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $47.25.

Bank of America Stock Up 1.2%

Shares of BAC traded up $0.54 during mid-day trading on Wednesday, reaching $44.82. 42,401,977 shares of the stock traded hands, compared to its average volume of 39,507,511. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock has a fifty day simple moving average of $39.77 and a 200 day simple moving average of $43.51. The firm has a market cap of $337.58 billion, a price-to-earnings ratio of 13.92, a P/E/G ratio of 1.21 and a beta of 1.27. Bank of America Co. has a 12-month low of $33.07 and a 12-month high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.10. The firm had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Sell-side analysts expect that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.32%. Bank of America's dividend payout ratio is currently 30.95%.

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.