1900 Wealth Management LLC Sells 3,510 Shares of Bank of America Co. (NYSE:BAC)

1900 Wealth Management LLC trimmed its holdings in Bank of America Co. (NYSE:BAC) by 23.9% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 11,181 shares of the financial services provider’s stock after selling 3,510 shares during the quarter. 1900 Wealth Management LLC’s holdings in Bank of America were worth $376,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Fortis Group Advisors LLC bought a new stake in Bank of America in the 3rd quarter worth about $25,000. Criterion Capital Advisors LLC bought a new stake in shares of Bank of America during the 4th quarter valued at about $32,000. Glass Jacobson Investment Advisors llc grew its stake in shares of 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 valued at $28,000 after acquiring an additional 504 shares during the period. ZRC Wealth Management LLC grew its stake in shares of 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 valued at $38,000 after acquiring an additional 750 shares during the period. Finally, Private Ocean LLC grew its stake in shares of Bank of America by 34.0% during the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 325 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Bank of America Price Performance

Shares of NYSE BAC traded up $0.51 during mid-day trading on Tuesday, reaching $38.24. The company’s stock had a trading volume of 14,850,731 shares, compared to its average volume of 41,431,254. The stock has a 50-day moving average of $35.77 and a two-hundred day moving average of $32.48. The stock has a market capitalization of $301.74 billion, a P/E ratio of 13.25, a P/E/G ratio of 1.66 and a beta of 1.39. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $38.35.

Bank of America (NYSE:BAC) last announced its quarterly earnings data 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. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. During the same quarter in the prior year, the firm posted $0.94 earnings per share. Bank of America’s quarterly revenue was down 1.7% on a year-over-year basis. On average, equities research analysts anticipate that Bank of America Co. will post 3.17 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. Investors of record on Friday, March 1st were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date was Thursday, February 29th. Bank of America’s dividend payout ratio is currently 33.22%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on BAC. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Keefe, Bruyette & Woods lifted their price objective on shares of Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a research note on Friday, April 5th. Wolfe Research raised shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective on the stock in a report on Friday. UBS Group reaffirmed a “neutral” rating and issued a $40.00 price objective (up from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Finally, Wells Fargo & Company upped their price objective on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, Bank of America currently has an average rating of “Hold” and an average target price of $38.53.

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.