Evermay Wealth Management LLC Cuts Holdings in Bank of America Corp (NYSE:BAC)

Evermay Wealth Management LLC reduced its position in Bank of America Corp (NYSE:BAC) by 6.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,883 shares of the financial services provider’s stock after selling 1,125 shares during the period. Evermay Wealth Management LLC’s holdings in Bank of America were worth $401,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in BAC. Lenox Wealth Advisors LLC boosted its stake in shares of Bank of America by 111.9% in the 2nd quarter. Lenox Wealth Advisors LLC now owns 1,106 shares of the financial services provider’s stock worth $26,000 after buying an additional 584 shares during the last quarter. Cox Capital Mgt LLC bought a new position in Bank of America in the 1st quarter worth $27,000. Center for Financial Planning Inc. raised its holdings in Bank of America by 122.7% in the 1st quarter. Center for Financial Planning Inc. now owns 1,361 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 750 shares during the period. Stonebridge Financial Planning Group LLC raised its holdings in Bank of America by 208.0% in the 1st quarter. Stonebridge Financial Planning Group LLC now owns 1,494 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 1,009 shares during the period. Finally, Firestone Capital Management raised its holdings in Bank of America by 39.0% in the 1st quarter. Firestone Capital Management now owns 1,786 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 501 shares during the period. Hedge funds and other institutional investors own 68.99% of the company’s stock.

A number of equities analysts recently commented on the company. Citigroup decreased their target price on Bank of America from $30.00 to $27.00 and set a “hold” rating on the stock in a report on Friday, March 27th. Oppenheimer raised their target price on Bank of America from $30.00 to $33.00 and gave the stock an “outperform” rating in a report on Thursday, April 16th. Deutsche Bank raised their target price on Bank of America from $25.00 to $27.00 and gave the stock a “hold” rating in a report on Thursday, April 2nd. Goldman Sachs Group raised Bank of America from a “neutral” rating to a “buy” rating in a report on Thursday, April 2nd. Finally, Credit Suisse Group reissued a “buy” rating and set a $31.00 price target on shares of Bank of America in a report on Friday, April 17th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and thirteen have assigned a buy rating to the company. Bank of America presently has a consensus rating of “Hold” and a consensus price target of $29.47.

BAC traded up $0.36 on Monday, hitting $23.58. The company had a trading volume of 61,054,300 shares, compared to its average volume of 77,059,523. The company has a market cap of $204.57 billion, a PE ratio of 11.39, a PEG ratio of 2.27 and a beta of 1.59. Bank of America Corp has a 12-month low of $17.95 and a 12-month high of $35.72. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 1.08. The business’s fifty day simple moving average is $24.64 and its 200 day simple moving average is $26.70.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Thursday, July 16th. The financial services provider reported $0.37 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.28 by $0.09. The company had revenue of $22.30 billion during the quarter, compared to analyst estimates of $21.71 billion. Bank of America had a return on equity of 9.11% and a net margin of 19.09%. The firm’s revenue was down 3.5% on a year-over-year basis. During the same quarter last year, the business posted $0.74 earnings per share. On average, analysts anticipate that Bank of America Corp will post 1.46 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 5th were given a $0.18 dividend. The ex-dividend date of this dividend was Thursday, June 4th. This represents a $0.72 annualized dividend and a yield of 3.05%. Bank of America’s dividend payout ratio is currently 24.49%.

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

See Also: Buy Rating

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

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