Spearhead Capital Advisors LLC Sells 320 Shares of Bank of America Co. (NYSE:BAC)

Spearhead Capital Advisors LLC cut its stake in Bank of America Co. (NYSE:BAC) by 0.1% in the first quarter, HoldingsChannel.com reports. The fund owned 245,396 shares of the financial services provider’s stock after selling 320 shares during the period. Bank of America makes up 1.4% of Spearhead Capital Advisors LLC’s investment portfolio, making the stock its 16th largest position. Spearhead Capital Advisors LLC’s holdings in Bank of America were worth $9,494,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the company. US Bancorp DE increased its stake in shares of Bank of America by 2.4% in the 1st quarter. US Bancorp DE now owns 7,991,098 shares of the financial services provider’s stock valued at $309,175,000 after acquiring an additional 185,524 shares during the last quarter. Clarity Wealth Advisors LLC bought a new stake in Bank of America during the 1st quarter worth approximately $234,000. Unison Asset Management LLC increased its stake in Bank of America by 3.0% during the 1st quarter. Unison Asset Management LLC now owns 179,481 shares of the financial services provider’s stock worth $6,944,000 after purchasing an additional 5,219 shares in the last quarter. Raab & Moskowitz Asset Management LLC boosted its position in Bank of America by 1.5% during the 1st quarter. Raab & Moskowitz Asset Management LLC now owns 72,629 shares of the financial services provider’s stock worth $2,810,000 after acquiring an additional 1,089 shares during the last quarter. Finally, Park Avenue Securities LLC boosted its position in Bank of America by 9.4% during the 1st quarter. Park Avenue Securities LLC now owns 64,006 shares of the financial services provider’s stock worth $2,476,000 after acquiring an additional 5,508 shares during the last quarter. 68.10% of the stock is owned by institutional investors.

Shares of NYSE BAC traded down $0.46 during trading hours on Tuesday, reaching $40.10. 869,909 shares of the stock traded hands, compared to its average volume of 54,064,039. The company has a market capitalization of $345.95 billion, a P/E ratio of 20.08, a price-to-earnings-growth ratio of 2.13 and a beta of 1.59. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 52-week low of $20.10 and a 52-week high of $41.13. The company’s 50-day simple moving average is $39.07 and its two-hundred day simple moving average is $32.43.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Thursday, April 15th. The financial services provider reported $0.86 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.65 by $0.21. The company had revenue of $22.80 billion for the quarter, compared to analysts’ expectations of $21.67 billion. Bank of America had a return on equity of 8.00% and a net margin of 19.50%. Bank of America’s revenue for the quarter was up .1% compared to the same quarter last year. During the same period last year, the firm posted $0.40 EPS. As a group, sell-side analysts forecast that Bank of America Co. will post 1.84 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, June 25th. Shareholders of record on Friday, June 4th will be paid a $0.18 dividend. The ex-dividend date is Thursday, June 3rd. This represents a $0.72 dividend on an annualized basis and a yield of 1.80%. Bank of America’s dividend payout ratio (DPR) is currently 24.49%.

Bank of America declared that its Board of Directors has approved a share buyback program on Tuesday, January 19th that authorizes the company to repurchase $2.90 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 1% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

A number of equities analysts have commented on the stock. Wolfe Research raised shares of Bank of America from a “peer perform” rating to an “outperform” rating and lifted their price objective for the stock from $27.00 to $36.00 in a research report on Tuesday, January 5th. JPMorgan Chase & Co. increased their price target on Bank of America from $40.50 to $43.50 and gave the company an “overweight” rating in a research report on Monday. Credit Suisse Group increased their price target on Bank of America from $36.00 to $38.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 20th. Smith Barney Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating in a research note on Monday, January 11th. Finally, Morgan Stanley increased their price target on Bank of America from $36.00 to $38.00 and gave the stock an “underweight” rating in a research note on Monday, March 8th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $38.26.

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.

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

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