Visionary Wealth Advisors Sells 2,349 Shares of Bank of America Co. (NYSE:BAC)

Visionary Wealth Advisors trimmed its holdings in Bank of America Co. (NYSE:BAC) by 5.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,255 shares of the financial services provider’s stock after selling 2,349 shares during the quarter. Visionary Wealth Advisors’ holdings in Bank of America were worth $1,857,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Bank of America by 4.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider’s stock worth $173,168,000 after acquiring an additional 173,021 shares in the last quarter. OFI Invest Asset Management bought a new position in shares of Bank of America in the 4th quarter worth about $60,679,000. Arizona State Retirement System increased its stake in shares of Bank of America by 0.5% in the 4th quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider’s stock worth $89,150,000 after acquiring an additional 10,377 shares in the last quarter. Keybank National Association OH increased its stake in shares of Bank of America by 1.1% in the 4th quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock worth $152,006,000 after acquiring an additional 38,258 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Bank of America by 0.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider’s stock worth $1,886,769,000 after acquiring an additional 297,858 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Performance

BAC opened at $44.74 on Tuesday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a market cap of $336.98 billion, a price-to-earnings ratio of 13.89, a PEG ratio of 1.21 and a beta of 1.27. The company’s 50 day moving average is $40.13 and its 200 day moving average is $43.59. Bank of America Co. has a 12-month low of $33.07 and a 12-month high of $48.08.

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

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date is Friday, June 6th. Bank of America’s payout ratio is 30.95%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on BAC. Keefe, Bruyette & Woods reduced their price objective on shares of Bank of America from $55.00 to $52.00 and set an “outperform” rating for the company in a research note on Wednesday, April 16th. Oppenheimer raised their price objective on shares of Bank of America from $50.00 to $51.00 and gave the company an “outperform” rating in a research note on Monday, April 28th. UBS Group raised their price objective on shares of Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, April 16th. Phillip Securities upgraded shares of Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, April 17th. Finally, Barclays reduced their price objective on shares of Bank of America from $58.00 to $54.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, seventeen have assigned a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $47.50.

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.