Bank of America Co. (NYSE:BAC) Stock Position Decreased by Foster & Motley Inc.

Foster & Motley Inc. lowered its position in Bank of America Co. (NYSE:BAC) by 40.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 15,200 shares of the financial services provider’s stock after selling 10,246 shares during the period. Foster & Motley Inc.’s holdings in Bank of America were worth $512,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in BAC. Schechter Investment Advisors LLC grew its stake in Bank of America by 8.2% in the 3rd quarter. Schechter Investment Advisors LLC now owns 55,348 shares of the financial services provider’s stock valued at $1,515,000 after buying an additional 4,187 shares during the last quarter. Stonebridge Capital Advisors LLC boosted its position in shares of Bank of America by 3.7% in the third quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock valued at $1,793,000 after acquiring an additional 2,332 shares during the period. Kingswood Wealth Advisors LLC grew its stake in shares of Bank of America by 228.3% in 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 during the last quarter. Sarasin & Partners LLP bought a new position in Bank of America during the fourth quarter worth $673,000. Finally, Pinnacle Associates Ltd. raised its stake in Bank of America by 30.0% during the 3rd quarter. Pinnacle Associates Ltd. now owns 978,784 shares of the financial services provider’s stock valued at $26,799,000 after purchasing an additional 225,767 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 0.1 %

Shares of BAC opened at $38.32 on Thursday. The stock’s fifty day simple moving average is $35.98 and its 200-day simple moving average is $32.61. 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 capitalization of $302.37 billion, a PE ratio of 13.26, a price-to-earnings-growth ratio of 1.73 and a beta of 1.39. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $38.49.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. During the same quarter in the previous year, the business earned $0.94 EPS. The business’s quarterly revenue was down 1.7% compared to the same quarter last year. As a group, research analysts predict that Bank of America Co. will post 3.18 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date was Thursday, February 29th. Bank of America’s dividend payout ratio is currently 33.22%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Keefe, Bruyette & Woods raised their price target on shares of Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a research report on Friday, April 5th. Wolfe Research raised Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price for the company in a research report on Friday, April 19th. Jefferies Financial Group raised their price objective on shares of Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a report on Monday, April 8th. Oppenheimer lowered their target price on shares of Bank of America from $46.00 to $45.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 17th. Finally, Wells Fargo & Company lifted their price objective on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $38.53.

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.