White Pine Capital LLC Sells 1,722 Shares of Bank of America Co. (NYSE:BAC)

White Pine Capital LLC cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 4.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 41,323 shares of the financial services provider’s stock after selling 1,722 shares during the period. White Pine Capital LLC’s holdings in Bank of America were worth $1,391,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Fortis Group Advisors LLC bought a new stake in Bank of America in the 3rd quarter worth about $25,000. Glass Jacobson Investment Advisors llc grew its position in Bank of America by 98.1% in the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 504 shares in the last quarter. Criterion Capital Advisors LLC bought a new stake in Bank of America in the 4th quarter worth about $32,000. ZRC Wealth Management LLC grew its position in Bank of America by 192.3% in the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 750 shares in the last quarter. Finally, Private Ocean LLC grew its position in Bank of America by 34.0% in the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 325 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Performance

Shares of BAC traded down $0.08 on Friday, reaching $37.83. The company’s stock had a trading volume of 28,668,680 shares, compared to its average volume of 40,953,860. 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 has a market capitalization of $298.50 billion, a P/E ratio of 13.09, a PEG ratio of 1.70 and a beta of 1.39. The stock’s 50 day simple moving average is $36.13 and its two-hundred day simple moving average is $32.72.

Bank of America (NYSE:BAC) last issued its quarterly 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. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. During the same quarter in the previous year, the firm earned $0.94 earnings per share. The company’s revenue for the quarter was down 1.7% on a year-over-year basis. Research analysts forecast that Bank of America Co. will post 3.19 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company 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 dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.54%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio is currently 33.22%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on BAC shares. Evercore ISI upped their price objective on shares of Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. Citigroup boosted their target price on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, March 20th. UBS Group reiterated a “neutral” rating and issued a $40.00 target price (up from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. HSBC reiterated a “hold” rating and issued a $39.00 target price (up from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Finally, Barclays upped their price target on shares of Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research note on Tuesday, January 2nd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of “Hold” and a consensus target price of $38.53.

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.