SeaCrest Wealth Management LLC Sells 1,997 Shares of Bank of America Co. (NYSE:BAC)

SeaCrest Wealth Management LLC trimmed its stake in Bank of America Co. (NYSE:BAC) by 3.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 63,312 shares of the financial services provider’s stock after selling 1,997 shares during the period. SeaCrest Wealth Management LLC’s holdings in Bank of America were worth $2,180,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of BAC. Fortis Group Advisors LLC purchased a new position in shares of Bank of America during the third quarter valued at approximately $25,000. Castleview Partners LLC purchased a new position in Bank of America during the 1st quarter valued at $28,000. 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 valued at $28,000 after acquiring an additional 504 shares during the last quarter. ZRC Wealth Management LLC increased its stake in Bank of America by 192.3% in the fourth 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 during the period. Finally, Live Oak Investment Partners purchased a new stake in shares of Bank of America during the fourth quarter valued at $39,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on BAC. Citigroup boosted their price objective on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research report on Wednesday, March 20th. BMO Capital Markets decreased their target price 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. Odeon Capital Group downgraded Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target on the stock. in a research report on Tuesday, January 16th. Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $32.00 to $41.00 in a research note on Tuesday, January 30th. Finally, HSBC reiterated a “hold” rating and set a $39.00 target price (up from $38.00) on shares of Bank of America in a report on Thursday. One research analyst has rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $36.15.

Bank of America Stock Performance

Shares of NYSE BAC traded up $0.11 during midday trading on Thursday, reaching $37.92. The company had a trading volume of 42,116,296 shares, compared to its average volume of 41,135,176. The stock has a market cap of $299.21 billion, a P/E ratio of 12.35, a P/E/G ratio of 1.70 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 Co. has a 1 year low of $24.96 and a 1 year high of $38.00. The business’s 50-day simple moving average is $34.47 and its 200 day simple moving average is $31.31.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.01. The company had revenue of $22 billion during the quarter, compared to analysts’ expectations of $23.70 billion. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The firm’s revenue was down 10.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.85 EPS. On average, analysts forecast that Bank of America Co. will post 3.11 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, March 29th. Investors of record on Friday, March 1st will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Thursday, February 29th. This represents a $0.96 annualized dividend and a dividend yield of 2.53%. Bank of America’s dividend payout ratio (DPR) is presently 31.27%.

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.