Bank of America Co. (NYSE:BAC) Shares Sold by Arbor Trust Wealth Advisors LLC

Arbor Trust Wealth Advisors LLC lowered its holdings in Bank of America Co. (NYSE:BAC) by 3.7% in the fourth quarter, HoldingsChannel reports. The firm owned 9,232 shares of the financial services provider’s stock after selling 350 shares during the quarter. Arbor Trust Wealth Advisors LLC’s holdings in Bank of America were worth $311,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in BAC. Fortis Group Advisors LLC acquired a new position in shares of Bank of America in the third quarter valued at approximately $25,000. Glass Jacobson Investment Advisors llc grew its holdings in Bank of America by 98.1% during the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 504 shares in the last quarter. Castleview Partners LLC acquired a new position in Bank of America during the 1st quarter worth approximately $28,000. Strategic Investment Solutions Inc. IL acquired a new position in Bank of America during the 1st quarter worth approximately $34,000. Finally, ZRC Wealth Management LLC grew its holdings in Bank of America by 192.3% during the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 750 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on BAC. HSBC reiterated a “hold” rating and set a $39.00 price target (up previously from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Odeon Capital Group cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target for the company. in a report on Tuesday, January 16th. UBS Group restated a “neutral” rating and set a $40.00 price objective (up previously from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Jefferies Financial Group boosted their price objective on shares of 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, Barclays boosted their price objective on shares of Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $38.29.

Bank of America Stock Performance

BAC stock traded down $1.27 on Tuesday, hitting $34.68. The company’s stock had a trading volume of 91,528,739 shares, compared to its average volume of 41,161,027. The firm has a 50 day moving average of $35.48 and a two-hundred day moving average of $32.14. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $38.35. The stock has a market cap of $273.65 billion, a price-to-earnings ratio of 11.31, a price-to-earnings-growth ratio of 1.63 and a beta of 1.39. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.70 EPS for the quarter, beating the consensus estimate of $0.69 by $0.01. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The firm had revenue of $22 billion during the quarter, compared to the consensus estimate of $23.70 billion. During the same quarter in the prior year, the firm earned $0.85 EPS. Bank of America’s revenue for the quarter was down 10.2% on a year-over-year basis. Equities analysts predict that Bank of America Co. will post 3.13 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were given a dividend of $0.24 per share. The ex-dividend date was Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a yield of 2.77%. Bank of America’s payout ratio is currently 31.27%.

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.