Oxinas Partners Wealth Management LLC Has $305,000 Holdings in Bank of America Co. (NYSE:BAC)

Oxinas Partners Wealth Management LLC decreased its stake in Bank of America Co. (NYSE:BAC) by 7.8% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 8,046 shares of the financial services provider’s stock after selling 680 shares during the period. Oxinas Partners Wealth Management LLC’s holdings in Bank of America were worth $305,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the stock. Norges Bank acquired a new position in shares of Bank of America in the 4th quarter worth approximately $3,734,407,000. Price T Rowe Associates Inc. MD boosted its stake in Bank of America by 10.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock worth $3,502,720,000 after purchasing an additional 9,879,524 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Bank of America by 3.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 41,833,075 shares of the financial services provider’s stock worth $1,408,520,000 after purchasing an additional 1,315,056 shares during the last quarter. Parnassus Investments LLC raised its holdings in shares of Bank of America by 7.8% in the fourth quarter. Parnassus Investments LLC now owns 40,508,709 shares of the financial services provider’s stock valued at $1,363,928,000 after buying an additional 2,935,040 shares during the last quarter. Finally, Capital World Investors lifted its position in Bank of America by 12.1% during the 4th quarter. Capital World Investors now owns 40,189,379 shares of the financial services provider’s stock worth $1,353,216,000 after buying an additional 4,338,679 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently commented on BAC shares. Keefe, Bruyette & Woods raised shares of Bank of America from a “market perform” rating to an “outperform” rating and increased their price target for the company from $37.00 to $46.00 in a research note on Friday, June 14th. HSBC reiterated a “hold” rating and issued a $39.00 price objective (up from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. JPMorgan Chase & Co. upped their price target on Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a research note on Wednesday, May 1st. Jefferies Financial Group lifted their price objective on Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research report on Monday, April 8th. Finally, UBS Group reiterated a “neutral” rating and set a $40.00 price target (up previously from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $39.79.

Bank of America Trading Up 2.3 %

Shares of BAC traded up $0.92 during trading hours on Tuesday, reaching $40.93. The stock had a trading volume of 35,616,728 shares, compared to its average volume of 38,837,402. The company has a market cap of $320.09 billion, a P/E ratio of 14.16, a P/E/G ratio of 1.52 and a beta of 1.35. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $40.96. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm has a 50-day moving average of $38.95 and a 200 day moving average of $36.17.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $25.49 billion. During the same period in the prior year, the company earned $0.94 earnings per share. The company’s revenue for the quarter was down 1.7% compared to the same quarter last year. On average, sell-side analysts expect that Bank of America Co. will post 3.22 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date of this dividend was Friday, June 7th. Bank of America’s 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.