First Horizon Advisors Inc. Lowers Stock Holdings in Bank of America Co. (NYSE:BAC)

First Horizon Advisors Inc. lessened its holdings in shares of Bank of America Co. (NYSE:BAC) by 0.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 58,184 shares of the financial services provider’s stock after selling 443 shares during the quarter. First Horizon Advisors Inc.’s holdings in Bank of America were worth $1,959,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Fortis Group Advisors LLC purchased a new position in Bank of America during the third quarter worth about $25,000. Glass Jacobson Investment Advisors llc lifted its holdings in shares of 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 during the period. Criterion Capital Advisors LLC acquired a new stake in shares of Bank of America in the fourth quarter worth approximately $32,000. ZRC Wealth Management LLC boosted its position in shares of Bank of America by 192.3% in the fourth 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 grew its holdings in Bank of America by 34.0% in the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 325 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Jefferies Financial Group lifted their price target on shares of Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a report on Monday, April 8th. Wells Fargo & Company lifted their target price on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. Keefe, Bruyette & Woods upped their price target on Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a research note on Friday, April 5th. Wolfe Research raised Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective on the stock in a research note on Friday, April 19th. Finally, 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. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $38.70.

Bank of America Stock Up 1.0 %

Shares of NYSE:BAC opened at $37.25 on Friday. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $38.49. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm has a market cap of $291.31 billion, a PE ratio of 12.89, a price-to-earnings-growth ratio of 1.65 and a beta of 1.37. The company has a fifty day simple moving average of $36.39 and a 200 day simple moving average of $33.01.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (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 company had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. During the same period last year, the firm posted $0.94 EPS. The company’s revenue for the quarter was down 1.7% on a year-over-year basis. On average, equities research analysts anticipate that Bank of America Co. will post 3.2 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.58%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is 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.