49 Wealth Management LLC Has $283,000 Position in Bank of America Co. (NYSE:BAC)

49 Wealth Management LLC reduced its position in shares of Bank of America Co. (NYSE:BAC) by 10.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,437 shares of the financial services provider’s stock after selling 741 shares during the period. 49 Wealth Management LLC’s holdings in Bank of America were worth $283,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in BAC. Collier Financial acquired a new stake in Bank of America during the 4th quarter worth approximately $25,000. Life Planning Partners Inc lifted its holdings in Bank of America by 3,883.2% during the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 545,936 shares during the last quarter. Graney & King LLC acquired a new stake in Bank of America during the 4th quarter worth approximately $25,000. Fairway Wealth LLC acquired a new stake in Bank of America during the 4th quarter worth approximately $29,000. Finally, Marshall & Sterling Wealth Advisors Inc. acquired a new stake in Bank of America during the 4th quarter worth approximately $31,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on BAC shares. Cowen started coverage on Bank of America in a report on Wednesday, May 14th. They issued a “buy” rating for the company. Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $45.00 to $50.00 in a report on Friday, March 7th. Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. Evercore ISI dropped their price objective on Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a report on Tuesday, April 1st. Finally, JPMorgan Chase & Co. dropped their price objective on Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a report on Thursday, April 3rd. Two research analysts have rated the stock with a sell rating, five have given a hold rating, seventeen have issued a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $47.50.

Bank of America Trading Up 0.0%

Shares of BAC stock opened at $43.27 on Friday. The firm has a market capitalization of $325.90 billion, a P/E ratio of 13.44, a P/E/G ratio of 1.21 and a beta of 1.27. Bank of America Co. has a twelve month low of $33.07 and a twelve month high of $48.08. 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’s fifty day simple moving average is $40.31 and its 200 day simple moving average is $43.60.

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

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.40%. 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.