Bank of America Co. (NYSE:BAC) Shares Sold by Foster Victor Wealth Advisors LLC

Foster Victor Wealth Advisors LLC lowered its stake in Bank of America Co. (NYSE:BAC) by 11.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,141 shares of the financial services provider’s stock after selling 1,447 shares during the period. Foster Victor Wealth Advisors LLC’s holdings in Bank of America were worth $465,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Geode Capital Management LLC increased its holdings in shares of Bank of America by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider’s stock valued at $6,243,000,000 after purchasing an additional 2,033,229 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in shares of Bank of America by 10.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock worth $5,381,126,000 after purchasing an additional 11,691,451 shares during the period. Norges Bank purchased a new stake in Bank of America in the fourth quarter valued at approximately $5,226,989,000. Capital World Investors increased its holdings in Bank of America by 23.9% in the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock worth $3,876,853,000 after buying an additional 17,031,143 shares during the period. Finally, Northern Trust Corp increased its holdings in Bank of America by 17.2% in the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock worth $2,985,785,000 after buying an additional 9,980,859 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Wall Street Zen downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. TD Cowen initiated coverage on shares of Bank of America in a report on Thursday, May 15th. They issued a “buy” rating and a $53.00 price target on the stock. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. Oppenheimer reissued an “outperform” rating on shares of Bank of America in a report on Thursday, May 22nd. Finally, Royal Bank of Canada dropped 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. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have given a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $47.69.

Bank of America Price Performance

NYSE:BAC opened at $44.04 on Monday. The firm has a market cap of $331.67 billion, a P/E ratio of 13.68, a price-to-earnings-growth ratio of 1.21 and a beta of 1.30. The stock has a 50 day moving average of $41.50 and a two-hundred day moving average of $43.36. Bank of America Co. has a 12 month low of $33.07 and a 12 month high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. The firm had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. On average, analysts expect 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 announced 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 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is 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.