GC Wealth Management RIA LLC Lowers Stock Holdings in Bank of America Co. (NYSE:BAC)

GC Wealth Management RIA LLC trimmed its position in shares of Bank of America Co. (NYSE:BAC - Free Report) by 15.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 35,729 shares of the financial services provider's stock after selling 6,475 shares during the period. GC Wealth Management RIA LLC's holdings in Bank of America were worth $1,570,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of BAC. Cornerstone Advisors LLC boosted its holdings in shares of Bank of America by 1.2% in the fourth quarter. Cornerstone Advisors LLC now owns 500,300 shares of the financial services provider's stock worth $21,988,000 after acquiring an additional 5,700 shares during the period. King Luther Capital Management Corp boosted its holdings in shares of Bank of America by 0.3% in the fourth quarter. King Luther Capital Management Corp now owns 7,434,169 shares of the financial services provider's stock worth $326,732,000 after acquiring an additional 20,835 shares during the period. Citizens Financial Group Inc. RI boosted its holdings in shares of Bank of America by 3.3% in the fourth quarter. Citizens Financial Group Inc. RI now owns 1,040,862 shares of the financial services provider's stock worth $45,746,000 after acquiring an additional 33,693 shares during the period. Net Worth Advisory Group boosted its holdings in shares of Bank of America by 78.1% in the fourth quarter. Net Worth Advisory Group now owns 10,409 shares of the financial services provider's stock worth $457,000 after acquiring an additional 4,566 shares during the period. Finally, Riverbend Wealth Management LLC bought a new position in shares of Bank of America in the fourth quarter worth $991,000. 70.71% of the stock is owned by institutional investors.

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Bank of America Trading Down 0.5 %

Shares of NYSE BAC traded down $0.21 during trading hours on Tuesday, hitting $39.62. The company's stock had a trading volume of 50,561,860 shares, compared to its average volume of 36,019,015. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market cap of $301.29 billion, a price-to-earnings ratio of 12.30, a P/E/G ratio of 1.21 and a beta of 1.32. Bank of America Co. has a 12 month low of $34.15 and a 12 month high of $48.08. The business has a 50-day simple moving average of $45.44 and a 200-day simple moving average of $43.76.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.05. The company had revenue of $25.30 billion for the quarter, compared to analysts' expectations of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Bank of America's quarterly revenue was up 15.0% on a year-over-year basis. During the same period last year, the firm earned $0.70 earnings per share. On average, analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.63%. Bank of America's payout ratio is 32.30%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on BAC. UBS Group raised Bank of America from a "neutral" rating to a "buy" rating and raised their price target for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. HSBC raised Bank of America from a "hold" rating to a "buy" rating and set a $50.00 price target for the company in a report on Tuesday, January 7th. Oppenheimer raised their price target on Bank of America from $54.00 to $55.00 and gave the stock an "outperform" rating in a report on Friday, January 17th. Evercore ISI lowered their price objective on Bank of America from $53.00 to $51.00 and set an "outperform" rating on the stock in a research report on Friday, January 17th. Finally, Baird R W upgraded Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have given a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $48.64.

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.