B. Riley Wealth Advisors Inc. lowered its position in Bank of America Co. (NYSE:BAC - Free Report) by 10.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 180,373 shares of the financial services provider's stock after selling 21,150 shares during the quarter. B. Riley Wealth Advisors Inc.'s holdings in Bank of America were worth $7,927,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in BAC. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Bank of America by 4.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider's stock valued at $173,168,000 after acquiring an additional 173,021 shares during the last quarter. OFI Invest Asset Management bought a new position in shares of Bank of America during the fourth quarter valued at about $60,679,000. Arizona State Retirement System grew its stake in shares of Bank of America by 0.5% during the fourth quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider's stock valued at $89,150,000 after buying an additional 10,377 shares during the last quarter. Keybank National Association OH grew its stake in shares of Bank of America by 1.1% during the fourth quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider's stock valued at $152,006,000 after buying an additional 38,258 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Bank of America by 0.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider's stock valued at $1,886,769,000 after buying an additional 297,858 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 $1.00 during mid-day trading on Tuesday, reaching $44.20. 36,298,959 shares of the stock traded hands, compared to its average volume of 39,781,357. The stock has a market capitalization of $332.91 billion, a PE ratio of 13.73, a PEG ratio of 1.21 and a beta of 1.27. Bank of America Co. has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The business has a 50-day moving average of $40.36 and a 200 day moving average of $43.58. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.
Bank of America (NYSE:BAC - Get Free Report) last issued its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. On average, analysts predict that Bank of America Co. will post 3.7 EPS for the current year.
Bank of America Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be issued a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.35%. Bank of America's dividend payout ratio is currently 30.95%.
Analyst Ratings Changes
A number of research analysts have recently issued reports on BAC shares. Wall Street Zen cut Bank of America from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Barclays decreased their target price on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Oppenheimer reissued an "outperform" rating on shares of Bank of America in a research report on Thursday, May 22nd. Argus dropped their target price on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Finally, Keefe, Bruyette & Woods dropped their target price on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, seventeen have assigned a buy rating and four have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $47.50.
Check Out Our Latest Stock Analysis on BAC
About Bank of America
(
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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