Investors Asset Management of Georgia Inc. GA ADV Sells 458 Shares of Bank of America Co. (NYSE:BAC)

Investors Asset Management of Georgia Inc. GA ADV cut its stake in Bank of America Co. (NYSE:BAC) by 0.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 52,885 shares of the financial services provider’s stock after selling 458 shares during the quarter. Bank of America comprises about 0.9% of Investors Asset Management of Georgia Inc. GA ADV’s portfolio, making the stock its 29th biggest position. Investors Asset Management of Georgia Inc. GA ADV’s holdings in Bank of America were worth $1,771,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently made changes to their positions in the stock. Schechter Investment Advisors LLC lifted its position in shares of Bank of America by 8.2% during the third quarter. Schechter Investment Advisors LLC now owns 55,348 shares of the financial services provider’s stock valued at $1,515,000 after buying an additional 4,187 shares during the last quarter. Eastern Bank boosted its stake in Bank of America by 354.5% in the third quarter. Eastern Bank now owns 119,713 shares of the financial services provider’s stock valued at $3,278,000 after acquiring an additional 93,375 shares in the last quarter. Stonebridge Capital Advisors LLC grew its holdings in Bank of America by 3.7% in the third quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock worth $1,793,000 after purchasing an additional 2,332 shares during the last quarter. Kingswood Wealth Advisors LLC increased its position in shares of Bank of America by 228.3% during the fourth quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock worth $2,273,000 after purchasing an additional 46,950 shares in the last quarter. Finally, Sarasin & Partners LLP purchased a new stake in shares of Bank of America during the 4th quarter valued at $673,000. 70.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on BAC shares. BMO Capital Markets upped their target price on Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research report on Thursday. Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $32.00 to $41.00 in a research report on Tuesday, January 30th. Oppenheimer cut their price target on shares of Bank of America from $46.00 to $45.00 and set an “outperform” rating on the stock in a research note on Wednesday. Jefferies Financial Group lifted 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 note on Monday, April 8th. Finally, UBS Group reissued a “neutral” rating and issued a $40.00 target price (up from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Bank of America has a consensus rating of “Hold” and an average target price of $38.29.

Bank of America Stock Performance

Shares of BAC stock traded up $0.43 on Thursday, hitting $35.66. The company had a trading volume of 22,604,551 shares, compared to its average volume of 41,280,527. The firm has a market cap of $281.38 billion, a P/E ratio of 12.37, a price-to-earnings-growth ratio of 1.58 and a beta of 1.39. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $38.35. The company has a 50-day moving average price of $35.55 and a 200-day moving average price of $32.21. The company has a quick ratio of 0.80, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The company had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. Bank of America’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.94 earnings per share. As a group, equities research analysts predict that Bank of America Co. will post 3.13 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.96 annualized dividend and a yield of 2.69%. Bank of America’s dividend payout ratio is presently 33.22%.

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