Delta Financial Advisors LLC Sells 375 Shares of Bank of America Corp (NYSE:BAC)

Delta Financial Advisors LLC lessened its holdings in Bank of America Corp (NYSE:BAC) by 0.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 91,708 shares of the financial services provider’s stock after selling 375 shares during the quarter. Bank of America accounts for approximately 1.3% of Delta Financial Advisors LLC’s investment portfolio, making the stock its 28th biggest position. Delta Financial Advisors LLC’s holdings in Bank of America were worth $3,230,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Garrett Wealth Advisory Group LLC bought a new stake in Bank of America during the third quarter worth about $25,000. TFO TDC LLC bought a new stake in Bank of America during the fourth quarter worth about $26,000. Sage Financial Group Inc. bought a new stake in Bank of America during the fourth quarter worth about $38,000. Corbenic Partners LLC acquired a new position in Bank of America during the fourth quarter worth about $39,000. Finally, Selective Wealth Management Inc. acquired a new position in shares of Bank of America in the third quarter valued at approximately $43,000. 69.15% of the stock is owned by institutional investors.

BAC opened at $34.77 on Friday. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.90 and a current ratio of 0.91. Bank of America Corp has a 52-week low of $26.21 and a 52-week high of $35.72. The stock has a market capitalization of $313.30 billion, a PE ratio of 12.69, a price-to-earnings-growth ratio of 1.26 and a beta of 1.59. The stock’s 50 day moving average price is $34.47 and its 200-day moving average price is $31.53.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, January 15th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.05. Bank of America had a return on equity of 11.95% and a net margin of 24.15%. The firm had revenue of $22.30 billion for the quarter, compared to analysts’ expectations of $22.30 billion. During the same period in the previous year, the firm earned $0.70 earnings per share. The business’s revenue was down 1.8% compared to the same quarter last year. Research analysts forecast that Bank of America Corp will post 3.05 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 6th will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, March 5th. This represents a $0.72 annualized dividend and a dividend yield of 2.07%. Bank of America’s dividend payout ratio (DPR) is presently 24.49%.

BAC has been the subject of several recent research reports. UBS Group downgraded Bank of America from a “buy” rating to a “neutral” rating and upped their price objective for the company from $34.00 to $36.00 in a research note on Monday, January 6th. Barclays raised Bank of America from an “equal weight” rating to an “overweight” rating and set a $43.00 price objective for the company in a research note on Monday, January 6th. DA Davidson started coverage on Bank of America in a research note on Wednesday, January 8th. They issued a “neutral” rating and a $36.00 price objective for the company. Morgan Stanley reissued a “buy” rating and set a $38.00 target price (up previously from $35.00) on shares of Bank of America in a research report on Monday, November 18th. Finally, ValuEngine cut Bank of America from a “hold” rating to a “sell” rating in a research note on Tuesday, December 3rd. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $35.29.

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

Further Reading: Cash Flow

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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