LVW Advisors LLC Sells 2,455 Shares of Bank of America Co. (NYSE:BAC)

LVW Advisors LLC decreased its holdings in shares of Bank of America Co. (NYSE:BAC) by 7.8% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 29,129 shares of the financial services provider’s stock after selling 2,455 shares during the period. LVW Advisors LLC’s holdings in Bank of America were worth $1,216,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in BAC. Graney & King LLC acquired a new position in Bank of America in the 4th quarter worth $25,000. Collier Financial acquired a new position in Bank of America in the 4th quarter valued at about $25,000. Fairway Wealth LLC acquired a new position in shares of Bank of America during the 4th quarter worth approximately $29,000. Vega Investment Solutions acquired a new position in shares of Bank of America during the 4th quarter worth approximately $30,000. Finally, Marshall & Sterling Wealth Advisors Inc. bought a new position in shares of Bank of America in the 4th quarter valued at $31,000. Institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Royal Bank of Canada cut their target price on Bank of America from $50.00 to $45.00 and set an “outperform” rating on the stock in a report on Wednesday, April 16th. Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. UBS Group upped their target price on Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, April 16th. Oppenheimer reissued an “outperform” rating on shares of Bank of America in a report on Thursday, May 22nd. Finally, Cfra Research increased their price objective on Bank of America to $47.00 and gave the company a “buy” rating in a report on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have issued a buy rating and four have given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $47.50.

Bank of America Stock Performance

Shares of BAC opened at $44.14 on Monday. The company has a 50-day simple moving average of $40.46 and a 200-day simple moving average of $43.53. 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 company has a market capitalization of $332.46 billion, a PE ratio of 13.71, a P/E/G ratio of 1.21 and a beta of 1.27. Bank of America Co. has a 52-week low of $33.07 and a 52-week high of $48.08.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company had revenue of $27.37 billion for the quarter, compared to analysts’ expectations of $26.83 billion. Equities research 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 business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.36%. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

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.