Franklin Street Advisors Inc. NC Sells 390 Shares of Bank of America Co. (NYSE:BAC)

Franklin Street Advisors Inc. NC decreased its position in Bank of America Co. (NYSE:BAC) by 4.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,343 shares of the financial services provider’s stock after selling 390 shares during the quarter. Franklin Street Advisors Inc. NC’s holdings in Bank of America were worth $315,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of BAC. Fortis Group Advisors LLC acquired a new position in Bank of America during the 3rd quarter worth $25,000. Glass Jacobson Investment Advisors llc lifted its position 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 purchasing an additional 504 shares during the last quarter. Castleview Partners LLC bought a new stake in Bank of America during the 1st quarter valued at approximately $28,000. Strategic Investment Solutions Inc. IL bought a new position in Bank of America in the 1st quarter worth approximately $34,000. Finally, ZRC Wealth Management LLC lifted its holdings in shares of Bank of America by 192.3% during the fourth 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. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Up 0.3 %

Shares of BAC opened at $37.92 on Friday. The business’s 50 day simple moving average is $34.47 and its 200-day simple moving average is $31.31. Bank of America Co. has a one year low of $24.96 and a one year high of $38.00. The company has a market capitalization of $299.21 billion, a P/E ratio of 12.35, a PEG ratio of 1.74 and a beta of 1.38. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BAC) last announced its earnings results on Friday, January 12th. The financial services provider reported $0.70 EPS for the quarter, topping the consensus estimate of $0.69 by $0.01. The company had revenue of $22 billion for the quarter, compared to analysts’ expectations of $23.70 billion. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The business’s revenue for the quarter was down 10.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.85 earnings per share. As a group, sell-side analysts predict that Bank of America Co. will post 3.11 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 1st will be given a dividend of $0.24 per share. The ex-dividend date is Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.53%. Bank of America’s payout ratio is 31.27%.

Analysts Set New Price Targets

BAC has been the topic of several research analyst reports. Wells Fargo & Company raised their price objective on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday. Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $32.00 to $41.00 in a research report on Tuesday, January 30th. Citigroup lifted their target price on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 20th. The Goldman Sachs Group upped their price target on Bank of America from $30.00 to $33.00 and gave the company a “buy” rating in a report on Friday, December 1st. Finally, BMO Capital Markets decreased their target price on shares of Bank of America from $37.00 to $36.00 and set a “market perform” rating on the stock in a research report on Tuesday, January 16th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $36.15.

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.