Centric Wealth Management Sells 1,929 Shares of Bank of America Co. (NYSE:BAC)

Centric Wealth Management reduced its stake in Bank of America Co. (NYSE:BAC) by 18.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,427 shares of the financial services provider’s stock after selling 1,929 shares during the period. Centric Wealth Management’s holdings in Bank of America were worth $278,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Fortis Group Advisors LLC bought a new position in Bank of America during the 3rd quarter worth about $25,000. Glass Jacobson Investment Advisors llc boosted its stake in shares of Bank of America by 98.1% during the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 504 shares in the last quarter. Criterion Capital Advisors LLC purchased a new position in Bank of America during the fourth quarter valued at approximately $32,000. ZRC Wealth Management LLC raised its stake in Bank of America by 192.3% in the fourth quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after buying an additional 750 shares in the last quarter. Finally, Private Ocean LLC lifted its holdings in Bank of America by 34.0% during the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after buying an additional 325 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Performance

BAC traded up $0.16 during trading on Tuesday, reaching $37.85. 29,110,563 shares of the company’s stock were exchanged, compared to its average volume of 40,598,000. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $38.49. The company’s fifty day simple moving average is $36.61 and its 200-day simple moving average is $33.31. The stock has a market capitalization of $295.96 billion, a P/E ratio of 13.10, a price-to-earnings-growth ratio of 1.66 and a beta of 1.37.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The firm had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.94 earnings per share. As a group, research analysts predict that Bank of America Co. will post 3.21 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a $0.24 dividend. The ex-dividend date is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.54%. Bank of America’s payout ratio is 33.22%.

Analysts Set New Price Targets

Several research firms have recently commented on BAC. JPMorgan Chase & Co. boosted their price target on Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a research report on Wednesday, May 1st. Oppenheimer boosted their target price on shares of Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a report on Tuesday, April 30th. UBS Group restated a “neutral” rating and issued a $40.00 price target (up from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Evercore ISI boosted their price objective on shares of Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research note on Thursday, April 4th. Finally, Wells Fargo & Company raised their target price on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, Bank of America currently has a consensus rating of “Hold” and an average price target of $38.70.

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.