Bank of America Co. (NYSE:BAC) Stock Holdings Cut by Wealth Alliance Advisory Group LLC

Wealth Alliance Advisory Group LLC reduced its position in shares of Bank of America Co. (NYSE:BAC) by 8.5% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 74,985 shares of the financial services provider’s stock after selling 6,998 shares during the quarter. Wealth Alliance Advisory Group LLC’s holdings in Bank of America were worth $3,129,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BAC. Collier Financial acquired a new position in shares of Bank of America in the 4th quarter worth $25,000. Life Planning Partners Inc grew its holdings in shares of Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 545,936 shares during the last quarter. Graney & King LLC acquired a new position in shares of Bank of America in the 4th quarter worth $25,000. Fairway Wealth LLC acquired a new position in shares of Bank of America in the 4th quarter worth $29,000. Finally, Vega Investment Solutions acquired a new position in shares of Bank of America in the 4th quarter worth $30,000. 70.71% of the stock is owned by institutional investors.

Bank of America Price Performance

NYSE BAC opened at $44.68 on Wednesday. Bank of America Co. has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The stock’s 50-day moving average is $40.53 and its two-hundred day moving average is $43.52. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market cap of $336.52 billion, a P/E ratio of 13.88, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. On average, analysts anticipate 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 announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be issued a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.33%. Bank of America’s dividend payout ratio (DPR) is currently 30.95%.

Analyst Ratings Changes

A number of brokerages recently issued reports on BAC. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report 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 stock from $45.00 to $50.00 in a research report on Friday, March 7th. UBS Group raised their target price on Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, April 16th. Cfra Research raised their target price on Bank of America to $47.00 and gave the stock a “buy” rating in a research report on Wednesday, April 16th. Finally, Wall Street Zen cut Bank of America from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd. Two research analysts have rated the stock with a sell rating, five have given a hold rating, seventeen have given a buy rating and four have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $47.50.

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.