Cary Street Partners Investment Advisory LLC Trims Holdings in Bank of America Co. (NYSE:BAC)

Cary Street Partners Investment Advisory LLC trimmed its stake in Bank of America Co. (NYSE:BAC) by 82.7% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 27,953 shares of the financial services provider’s stock after selling 133,811 shares during the period. Cary Street Partners Investment Advisory LLC’s holdings in Bank of America were worth $941,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Fortis Group Advisors LLC purchased a new stake in Bank of America during the 3rd quarter worth approximately $25,000. Glass Jacobson Investment Advisors llc grew its holdings in Bank of America by 98.1% during the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 504 shares in the last quarter. Criterion Capital Advisors LLC acquired a new position in Bank of America during the 4th quarter worth approximately $32,000. ZRC Wealth Management LLC raised its position in Bank of America by 192.3% during the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after buying an additional 750 shares during the last quarter. Finally, Private Ocean LLC raised its position 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 worth $43,000 after buying an additional 325 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Wolfe Research upgraded shares of 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 report on Friday, April 19th. Keefe, Bruyette & Woods upped their price objective 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. Citigroup upped their price objective on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 20th. HSBC reiterated a “hold” rating and issued a $39.00 price target (up previously from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Finally, Barclays increased their price target on shares of Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $38.59.

Bank of America Price Performance

Shares of NYSE BAC opened at $37.01 on Wednesday. The stock has a market cap of $291.99 billion, a price-to-earnings ratio of 12.80, a PEG ratio of 1.68 and a beta of 1.39. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $38.49. The company’s 50-day moving average price is $36.26 and its 200 day moving average price is $32.95. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The firm had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm’s revenue was down 1.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.94 EPS. As a group, research analysts forecast that Bank of America Co. will post 3.19 earnings per share 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 28th. Shareholders of record on Friday, June 7th will be paid a dividend of $0.24 per share. The ex-dividend date is Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.59%. Bank of America’s dividend payout ratio is currently 33.22%.

Bank of America Company Profile

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.