Masso Torrence Wealth Management Inc. Sells 912 Shares of Bank of America Co. (NYSE:BAC)

Masso Torrence Wealth Management Inc. decreased its position in shares of Bank of America Co. (NYSE:BAC) by 8.7% in the 4th quarter, HoldingsChannel reports. The fund owned 9,605 shares of the financial services provider’s stock after selling 912 shares during the period. Masso Torrence Wealth Management Inc.’s holdings in Bank of America were worth $323,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of BAC. Fortis Group Advisors LLC purchased a new position in shares of Bank of America during the third quarter valued at approximately $25,000. Glass Jacobson Investment Advisors llc boosted its position in shares of Bank of America by 98.1% during the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after buying an additional 504 shares during the last quarter. Criterion Capital Advisors LLC purchased a new position in shares of Bank of America during the fourth quarter valued at approximately $32,000. ZRC Wealth Management LLC boosted its position 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 valued at $38,000 after buying an additional 750 shares during the last quarter. Finally, Private Ocean LLC boosted its position in shares of Bank of America by 34.0% during the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after buying an additional 325 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on BAC. 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 research report on Thursday, March 28th. Odeon Capital Group cut Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective on the stock. in a research report on Tuesday, January 16th. HSBC reissued a “hold” rating and issued a $39.00 price objective (up previously from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Finally, Keefe, Bruyette & Woods boosted their price objective 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 equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $38.53.

Bank of America Stock Performance

Shares of NYSE:BAC traded up $0.58 during midday trading on Tuesday, reaching $38.31. 30,011,444 shares of the company traded hands, compared to its average volume of 41,650,215. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $38.42. The firm has a market capitalization of $302.29 billion, a price-to-earnings ratio of 13.27, a price-to-earnings-growth ratio of 1.66 and a beta of 1.39. The firm’s fifty day moving average price is $35.77 and its two-hundred day moving average price is $32.48.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. During the same period in the previous year, the company posted $0.94 EPS. The firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. On average, equities analysts expect that Bank of America Co. will post 3.17 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were paid a $0.24 dividend. The ex-dividend date was Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a yield of 2.51%. 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.