Bank of America Co. (NYSE:BAC) Shares Sold by Masso Torrence Wealth Management Inc.

Masso Torrence Wealth Management Inc. lessened its position in Bank of America Co. (NYSE:BAC) by 8.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,605 shares of the financial services provider’s stock after selling 912 shares during the period. Masso Torrence Wealth Management Inc.’s holdings in Bank of America were worth $323,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Fortis Group Advisors LLC acquired a new stake in shares of Bank of America in the 3rd quarter worth about $25,000. Criterion Capital Advisors LLC acquired a new position in Bank of America during the 4th quarter valued at about $32,000. Glass Jacobson Investment Advisors llc increased its stake 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 valued at $28,000 after buying an additional 504 shares during the period. ZRC Wealth Management LLC increased its stake 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 valued at $38,000 after buying an additional 750 shares during the period. Finally, Private Ocean LLC increased its stake in 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 buying an additional 325 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of Bank of America stock traded up $0.58 during midday trading on Tuesday, hitting $38.31. The company had a trading volume of 30,011,444 shares, compared to its average volume of 41,650,215. The business’s 50 day simple moving average is $35.77 and its two-hundred day simple moving average is $32.48. The stock has a market cap of $302.29 billion, a PE ratio of 13.27, 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 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 $38.42.

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, topping the consensus estimate 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 business had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. During the same quarter last year, the company posted $0.94 earnings per share. Bank of America’s quarterly revenue was down 1.7% on a year-over-year basis. As a group, equities analysts predict that Bank of America Co. will post 3.17 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were paid a dividend of $0.24 per share. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a yield of 2.51%. Bank of America’s dividend payout ratio is currently 33.22%.

Wall Street Analyst Weigh In

Several equities analysts have commented on BAC shares. Barclays raised their target price on shares of Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research note on Tuesday, January 2nd. Wells Fargo & Company raised their price objective on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. HSBC restated a “hold” rating and set a $39.00 price objective (up previously from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. Odeon Capital Group lowered shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective for the company. in a research report on Tuesday, January 16th. Finally, Evercore ISI raised their price objective on shares of Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $38.53.

Bank of America 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.