WFA Asset Management Corp Cuts Stock Position in Bank of America Co. (NYSE:BAC)

WFA Asset Management Corp lowered its stake in Bank of America Co. (NYSE:BAC) by 41.7% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,439 shares of the financial services provider’s stock after selling 4,609 shares during the period. WFA Asset Management Corp’s holdings in Bank of America were worth $244,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Norges Bank bought a new position in Bank of America in the 4th quarter valued at approximately $3,734,407,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of Bank of America by 10.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock valued at $3,502,720,000 after buying an additional 9,879,524 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Bank of America by 3.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 41,833,075 shares of the financial services provider’s stock valued at $1,408,520,000 after buying an additional 1,315,056 shares during the period. Parnassus Investments LLC lifted its holdings in shares of Bank of America by 7.8% during the 4th 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 period. Finally, Capital World Investors lifted its holdings in shares of 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 valued at $1,353,216,000 after buying an additional 4,338,679 shares during the period. 70.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

BAC has been the topic of several research analyst reports. Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday. JPMorgan Chase & Co. raised their target price on Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a report on Wednesday, May 1st. Jefferies Financial Group raised their target price on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a report on Wednesday. UBS Group reaffirmed a “neutral” rating and issued a $40.00 target price (up from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Finally, Keefe, Bruyette & Woods raised Bank of America from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $37.00 to $46.00 in a report on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $40.02.

Bank of America Trading Down 0.0 %

NYSE BAC traded down $0.01 during trading on Wednesday, hitting $40.92. The stock had a trading volume of 11,565,224 shares, compared to its average volume of 38,621,441. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The stock has a market capitalization of $320.01 billion, a price-to-earnings ratio of 14.12, a P/E/G ratio of 1.52 and a beta of 1.35. Bank of America Co. has a one year low of $24.96 and a one year high of $41.20. The stock has a 50 day simple moving average of $39.00 and a 200 day simple moving average of $36.22.

Bank of America (NYSE:BAC) last announced its quarterly earnings data 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 net margin of 13.94% and a return on equity of 10.88%. The business had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. During the same quarter last year, the firm earned $0.94 earnings per share. The firm’s quarterly revenue was down 1.7% compared to the same quarter last year. Sell-side analysts predict that Bank of America Co. will post 3.22 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.35%. The ex-dividend date was Friday, June 7th. Bank of America’s dividend payout ratio is presently 33.22%.

About Bank of America

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.