Callan Capital LLC Sells 4,153 Shares of Bank of America Co. (NYSE:BAC)

Callan Capital LLC cut its position in Bank of America Co. (NYSE:BAC) by 16.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,975 shares of the financial services provider’s stock after selling 4,153 shares during the quarter. Callan Capital LLC’s holdings in Bank of America were worth $706,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Schechter Investment Advisors LLC grew its position in Bank of America by 8.2% during the 3rd quarter. Schechter Investment Advisors LLC now owns 55,348 shares of the financial services provider’s stock worth $1,515,000 after acquiring an additional 4,187 shares during the last quarter. Stonebridge Capital Advisors LLC increased its position in Bank of America by 3.7% during the 3rd quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock valued at $1,793,000 after purchasing an additional 2,332 shares during the period. Kingswood Wealth Advisors LLC lifted its holdings in Bank of America by 228.3% in the fourth quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock worth $2,273,000 after buying an additional 46,950 shares during the period. Sarasin & Partners LLP bought a new stake in Bank of America during the 4th quarter valued at approximately $673,000. Finally, Pinnacle Associates Ltd. grew its holdings in shares of Bank of America by 30.0% during the 3rd quarter. Pinnacle Associates Ltd. now owns 978,784 shares of the financial services provider’s stock worth $26,799,000 after acquiring an additional 225,767 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently commented on BAC shares. UBS Group restated a “neutral” rating and set a $40.00 target price (up previously from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Barclays upped their price objective on shares of Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. HSBC reaffirmed a “hold” rating and set a $39.00 target price (up previously from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Evercore ISI lifted their price target on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. Finally, BMO Capital Markets lifted their target price on shares of Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a report on Thursday, April 18th. 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 company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $38.53.

Bank of America Stock Down 0.2 %

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

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.06. The company had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. Bank of America’s revenue was down 1.7% compared to the same quarter last year. During the same period last year, the firm earned $0.94 earnings per share. As a group, sell-side 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 issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.54%. Bank of America’s dividend payout ratio is currently 33.22%.

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.