RFG Advisory LLC Sells 22,304 Shares of Bank of America Co. (NYSE:BAC)

RFG Advisory LLC lessened its holdings in Bank of America Co. (NYSE:BAC) by 55.3% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 18,036 shares of the financial services provider’s stock after selling 22,304 shares during the period. RFG Advisory LLC’s holdings in Bank of America were worth $607,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Fortis Group Advisors LLC purchased a new stake in Bank of America in the 3rd quarter worth about $25,000. Glass Jacobson Investment Advisors llc lifted its position in shares of Bank of America by 98.1% during the third 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 during the last quarter. Castleview Partners LLC purchased a new stake in shares of Bank of America during the first quarter valued at $28,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Bank of America in the first quarter worth about $34,000. Finally, ZRC Wealth Management LLC increased its stake 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 buying an additional 750 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on BAC shares. Barclays boosted their price objective on shares of Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. Oppenheimer reduced their target price on shares of Bank of America from $50.00 to $46.00 and set an “outperform” rating for the company in a report on Tuesday, March 19th. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. HSBC reiterated a “hold” rating and set a $39.00 price objective (up previously from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Finally, Odeon Capital Group lowered shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target on the stock. in a report on Tuesday, January 16th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $38.29.

Bank of America Stock Down 0.8 %

Shares of BAC stock opened at $36.35 on Friday. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $38.35. The firm has a market capitalization of $286.82 billion, a PE ratio of 11.84, a P/E/G ratio of 1.67 and a beta of 1.39. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.80 and a current ratio of 0.80. The stock’s 50-day simple moving average is $35.37 and its 200-day simple moving average is $31.95.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.01. The company had revenue of $22 billion for the quarter, compared to the consensus estimate of $23.70 billion. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. Bank of America’s quarterly revenue was down 10.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.85 EPS. Equities analysts expect that Bank of America Co. will post 3.13 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.64%. The ex-dividend date was Thursday, February 29th. Bank of America’s dividend payout ratio is currently 31.27%.

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.