Investors Asset Management of Georgia Inc. GA ADV Trims Stock Holdings in Bank of America Co. (NYSE:BAC)

Investors Asset Management of Georgia Inc. GA ADV decreased its position in Bank of America Co. (NYSE:BAC) by 0.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 52,885 shares of the financial services provider’s stock after selling 458 shares during the quarter. Bank of America comprises about 0.9% of Investors Asset Management of Georgia Inc. GA ADV’s holdings, making the stock its 29th largest position. Investors Asset Management of Georgia Inc. GA ADV’s holdings in Bank of America were worth $1,771,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Federated Hermes Inc. boosted its holdings in shares of Bank of America by 1.2% in the 4th quarter. Federated Hermes Inc. now owns 4,640,139 shares of the financial services provider’s stock valued at $156,233,000 after purchasing an additional 57,179 shares during the last quarter. HF Advisory Group LLC raised its stake in shares of Bank of America by 33.2% in the 4th quarter. HF Advisory Group LLC now owns 12,436 shares of the financial services provider’s stock valued at $419,000 after acquiring an additional 3,100 shares during the period. Livforsakringsbolaget Skandia Omsesidigt lifted its holdings in shares of Bank of America by 1.8% during the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 345,917 shares of the financial services provider’s stock valued at $11,644,000 after acquiring an additional 5,965 shares in the last quarter. Daiwa Securities Group Inc. increased its holdings in Bank of America by 5.1% in the 4th quarter. Daiwa Securities Group Inc. now owns 773,750 shares of the financial services provider’s stock valued at $26,052,000 after purchasing an additional 37,323 shares in the last quarter. Finally, Key Financial Inc lifted its stake in shares of Bank of America by 44.4% during the fourth quarter. Key Financial Inc now owns 23,835 shares of the financial services provider’s stock worth $803,000 after purchasing an additional 7,325 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Price Performance

BAC stock traded up $0.43 on Thursday, hitting $35.66. 22,604,551 shares of the company’s stock traded hands, compared to its average volume of 41,280,527. The company has a current ratio of 0.79, a quick ratio of 0.80 and a debt-to-equity ratio of 1.12. The stock has a market cap of $281.38 billion, a price-to-earnings ratio of 12.37, a P/E/G ratio of 1.58 and a beta of 1.39. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $38.35. The stock has a fifty day moving average of $35.55 and a 200-day moving average of $32.21.

Bank of America (NYSE:BAC) last posted 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. 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 during the quarter, compared to analyst estimates of $25.49 billion. During the same period in the prior year, the firm earned $0.94 earnings per share. The business’s quarterly revenue was down 1.7% on a year-over-year basis. On average, analysts forecast that Bank of America Co. will post 3.13 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were issued a dividend of $0.24 per share. The ex-dividend date was Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.69%. Bank of America’s dividend payout ratio is 33.22%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on BAC. Jefferies Financial Group upped their target price on shares of Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research note on Monday, April 8th. Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $32.00 to $41.00 in a research report on Tuesday, January 30th. Wells Fargo & Company lifted their price target on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. Odeon Capital Group lowered Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective for the company. in a report on Tuesday, January 16th. Finally, Keefe, Bruyette & Woods boosted their price target on 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. One analyst has rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, Bank of America currently has an average rating of “Hold” and a consensus price target of $38.29.

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.