Bank of America Co. (NYSE:BAC) Stake Trimmed by Blodgett Wealth Advisors LLC

Blodgett Wealth Advisors LLC lowered its stake in Bank of America Co. (NYSE:BAC) by 49.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,161 shares of the financial services provider’s stock after selling 8,059 shares during the quarter. Blodgett Wealth Advisors LLC’s holdings in Bank of America were worth $275,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of BAC. Northern Trust Corp grew its stake in Bank of America by 2.1% during the 3rd quarter. Northern Trust Corp now owns 67,648,727 shares of the financial services provider’s stock valued at $1,852,222,000 after acquiring an additional 1,397,469 shares in the last quarter. Barclays PLC grew its stake in Bank of America by 97.3% during the 3rd quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock valued at $1,130,538,000 after acquiring an additional 20,362,295 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Bank of America by 1.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 40,518,019 shares of the financial services provider’s stock valued at $1,109,383,000 after buying an additional 746,756 shares during the last quarter. California Public Employees Retirement System lifted its holdings in shares of Bank of America by 5.9% during the 4th quarter. California Public Employees Retirement System now owns 22,538,500 shares of the financial services provider’s stock valued at $758,871,000 after buying an additional 1,250,096 shares during the last quarter. Finally, Pzena Investment Management LLC lifted its holdings in shares of Bank of America by 28.7% during the 3rd quarter. Pzena Investment Management LLC now owns 19,430,142 shares of the financial services provider’s stock valued at $531,997,000 after buying an additional 4,335,882 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC traded down $0.09 on Friday, reaching $37.82. 28,659,995 shares of the stock traded hands, compared to its average volume of 41,444,340. The firm has a market cap of $298.42 billion, a price-to-earnings ratio of 13.09, a P/E/G ratio of 1.72 and a beta of 1.39. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $38.49. The stock’s 50-day moving average price is $36.13 and its 200-day moving average price is $32.72.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. During the same period in the previous year, the business posted $0.94 earnings per share. Bank of America’s quarterly revenue was down 1.7% on a year-over-year basis. Equities analysts forecast that Bank of America Co. will post 3.19 EPS 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 28th. Shareholders of record on Friday, June 7th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.54%. Bank of America’s dividend payout ratio (DPR) is 33.22%.

Analyst Ratings Changes

BAC has been the subject of several research reports. Wells Fargo & Company lifted their price target on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. Barclays lifted their price target on Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. HSBC restated a “hold” rating and issued a $39.00 target price (up from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Odeon Capital Group lowered Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price for the company. in a report on Tuesday, January 16th. Finally, Evercore ISI boosted their target price on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $38.53.

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.