Alan B Lancz & Associates Inc. Sells 700 Shares of Bank of America Co. (NYSE:BAC)

Alan B Lancz & Associates Inc. lessened its stake in shares of Bank of America Co. (NYSE:BAC) by 4.2% during the 4th quarter, Holdings Channel reports. The fund owned 16,078 shares of the financial services provider’s stock after selling 700 shares during the period. Alan B Lancz & Associates Inc.’s holdings in Bank of America were worth $541,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Schechter Investment Advisors LLC grew its holdings in Bank of America by 8.2% in the third quarter. Schechter Investment Advisors LLC now owns 55,348 shares of the financial services provider’s stock worth $1,515,000 after purchasing an additional 4,187 shares during the last quarter. Auxano Advisors LLC boosted its holdings in Bank of America by 234.5% in the fourth quarter. Auxano Advisors LLC now owns 27,356 shares of the financial services provider’s stock worth $921,000 after acquiring an additional 19,179 shares in the last quarter. Stonebridge Capital Advisors LLC grew its stake in shares of Bank of America by 3.7% during the third quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock worth $1,793,000 after acquiring an additional 2,332 shares during the last quarter. Kingswood Wealth Advisors LLC increased its holdings in shares of Bank of America by 228.3% during the fourth quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock valued at $2,273,000 after acquiring an additional 46,950 shares in the last quarter. Finally, DiNuzzo Private Wealth Inc. acquired a new stake in shares of Bank of America during the fourth quarter worth $105,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Up 1.0 %

Shares of NYSE:BAC traded up $0.37 during trading on Friday, hitting $37.25. The company’s stock had a trading volume of 34,082,662 shares, compared to its average volume of 41,339,492. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $38.49. The company has a market capitalization of $291.31 billion, a PE ratio of 12.89, a P/E/G ratio of 1.65 and a beta of 1.37. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The business has a 50 day moving average price of $36.46 and a two-hundred day moving average price of $33.08.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The business had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company’s revenue was down 1.7% on a year-over-year basis. During the same period last year, the business earned $0.94 EPS. As a group, research analysts expect that Bank of America Co. will post 3.2 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. Investors of record on Friday, June 7th will be given a $0.24 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a yield of 2.58%. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of research analyst reports. Oppenheimer raised their target price on Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a research note on Tuesday. JPMorgan Chase & Co. increased their price target on shares of Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a report on Wednesday. BMO Capital Markets upped their price objective on shares of Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a report on Thursday, April 18th. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. Finally, Odeon Capital Group lowered Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective for the company. in a research note on Tuesday, January 16th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $38.70.

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.