Canvas Wealth Advisors LLC Has $674,000 Stock Position in Bank of America Co. (NYSE:BAC)

Canvas Wealth Advisors LLC cut its holdings in Bank of America Co. (NYSE:BAC) by 1.7% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 20,539 shares of the financial services provider’s stock after selling 355 shares during the quarter. Canvas Wealth Advisors LLC’s holdings in Bank of America were worth $674,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of BAC. Viking Fund Management LLC increased its holdings in shares of Bank of America by 15.0% during the fourth quarter. Viking Fund Management LLC now owns 230,000 shares of the financial services provider’s stock worth $7,744,000 after buying an additional 30,000 shares in the last quarter. PFG Investments LLC raised its position in Bank of America by 0.9% in the fourth quarter. PFG Investments LLC now owns 44,999 shares of the financial services provider’s stock valued at $1,515,000 after purchasing an additional 415 shares during the last quarter. Smith Anglin Financial LLC grew its holdings in shares of Bank of America by 26.2% during the fourth quarter. Smith Anglin Financial LLC now owns 11,821 shares of the financial services provider’s stock worth $398,000 after purchasing an additional 2,451 shares during the last quarter. Schechter Investment Advisors LLC raised its holdings in Bank of America by 7.9% in the 4th quarter. Schechter Investment Advisors LLC now owns 59,702 shares of the financial services provider’s stock valued at $2,010,000 after buying an additional 4,354 shares during the last quarter. Finally, Tectonic Advisors LLC boosted its position in Bank of America by 7.3% during the 4th quarter. Tectonic Advisors LLC now owns 25,566 shares of the financial services provider’s stock worth $861,000 after buying an additional 1,744 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 0.7 %

Shares of NYSE:BAC traded up $0.25 during mid-day trading on Tuesday, hitting $37.11. 33,662,004 shares of the company traded hands, compared to its average volume of 41,197,430. The stock has a 50-day moving average price of $34.25 and a two-hundred day moving average price of $31.20. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $37.61. The stock has a market cap of $292.82 billion, a P/E ratio of 12.09, a P/E/G ratio of 1.69 and a beta of 1.38. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15.

Bank of America (NYSE:BAC) last posted its earnings results on Friday, January 12th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.01. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The firm had revenue of $22 billion during the quarter, compared to analyst estimates of $23.70 billion. During the same quarter in the prior year, the business posted $0.85 EPS. The business’s revenue was down 10.2% compared to the same quarter last year. On average, equities research analysts forecast that Bank of America Co. will post 3.12 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 1st will be issued a dividend of $0.24 per share. The ex-dividend date is Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a yield of 2.59%. Bank of America’s dividend payout ratio (DPR) is currently 31.27%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $32.00 to $41.00 in a research report on Tuesday, January 30th. Oppenheimer reduced their price objective on shares of Bank of America from $50.00 to $46.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 19th. Citigroup lifted their target price on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 20th. BMO Capital Markets lowered their price objective on Bank of America from $37.00 to $36.00 and set a “market perform” rating for the company in a research report on Tuesday, January 16th. Finally, The Goldman Sachs Group lifted their target price on Bank of America from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Friday, December 1st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $35.65.

Insiders Place Their Bets

In other Bank of America news, major shareholder Of America Corp /De/ Bank bought 5,398 shares of the stock in a transaction dated Wednesday, December 27th. The shares were bought at an average cost of $10.56 per share, for a total transaction of $57,002.88. Following the purchase, the insider now directly owns 5,398 shares of the company’s stock, valued at approximately $57,002.88. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 0.29% of the company’s stock.

Bank of America 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.