Bank of America Co. (NYSE:BAC) Stock Position Trimmed by Gen Wealth Partners Inc

Gen Wealth Partners Inc decreased its position in Bank of America Co. (NYSE:BAC) by 26.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,663 shares of the financial services provider’s stock after selling 982 shares during the period. Gen Wealth Partners Inc’s holdings in Bank of America were worth $117,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the company. Regent Peak Wealth Advisors LLC raised its stake in shares of Bank of America by 10.3% during the fourth quarter. Regent Peak Wealth Advisors LLC now owns 11,971 shares of the financial services provider’s stock valued at $526,000 after purchasing an additional 1,116 shares in the last quarter. ST Germain D J Co. Inc. raised its position in shares of Bank of America by 19.1% during the 4th quarter. ST Germain D J Co. Inc. now owns 9,846 shares of the financial services provider’s stock worth $433,000 after buying an additional 1,581 shares in the last quarter. Harbor Capital Advisors Inc. lifted its stake in shares of Bank of America by 2.5% in the 4th quarter. Harbor Capital Advisors Inc. now owns 149,812 shares of the financial services provider’s stock worth $6,584,000 after acquiring an additional 3,608 shares during the period. Czech National Bank boosted its holdings in shares of Bank of America by 5.2% in the fourth quarter. Czech National Bank now owns 1,447,360 shares of the financial services provider’s stock valued at $63,611,000 after acquiring an additional 72,144 shares in the last quarter. Finally, Eastover Investment Advisors LLC acquired a new position in shares of Bank of America during the fourth quarter valued at approximately $230,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on BAC. Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and raised their target price for the company from $45.00 to $50.00 in a research note on Friday, March 7th. Keefe, Bruyette & Woods dropped their price target on shares of Bank of America from $55.00 to $52.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 16th. Barclays cut their price target on shares of Bank of America from $58.00 to $54.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Finally, Argus dropped their target price on shares of Bank of America from $53.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $47.25.

Bank of America Price Performance

NYSE BAC opened at $41.85 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $315.21 billion, a PE ratio of 13.00, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27. Bank of America Co. has a 12-month low of $33.07 and a 12-month high of $48.08. The company has a 50 day moving average price of $39.69 and a two-hundred day moving average price of $43.49.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.10. The company had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. As a group, equities analysts predict that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.49%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s dividend payout ratio is currently 30.95%.

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.