Larson Financial Group LLC Has $55,000 Stock Position in Bank of America Co. (NYSE:BAC)

Larson Financial Group LLC reduced its holdings in shares of Bank of America Co. (NYSE:BAC) by 40.9% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,628 shares of the financial services provider’s stock after selling 1,127 shares during the quarter. Larson Financial Group LLC’s holdings in Bank of America were worth $55,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Fortis Group Advisors LLC acquired a new stake in shares of Bank of America in the third quarter valued at approximately $25,000. Glass Jacobson Investment Advisors llc raised its holdings in shares of Bank of America by 98.1% in the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 504 shares during the last quarter. Criterion Capital Advisors LLC acquired a new stake in shares of Bank of America in the fourth quarter valued at approximately $32,000. ZRC Wealth Management LLC increased its holdings in Bank of America by 192.3% during the fourth 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 last quarter. Finally, Private Ocean LLC increased its holdings in Bank of America by 34.0% during the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after buying an additional 325 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on BAC shares. Barclays boosted their target price on shares of Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. Keefe, Bruyette & Woods boosted their target price on shares of Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a report on Friday, April 5th. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. UBS Group restated a “neutral” rating and set a $40.00 target price (up from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Finally, Citigroup boosted their target price on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday, March 20th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Bank of America currently has a consensus rating of “Hold” and an average price target of $38.53.

Bank of America Trading Down 1.1 %

Shares of Bank of America stock opened at $37.91 on Friday. The firm has a 50-day moving average of $36.06 and a 200-day moving average of $32.64. The stock has a market cap of $299.13 billion, a PE ratio of 13.12, a PEG ratio of 1.72 and a beta of 1.39. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $38.49. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The company had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. Bank of America’s quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.94 earnings per share. As a group, sell-side analysts forecast that Bank of America Co. will post 3.19 EPS for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.53%. Bank of America’s payout ratio is presently 33.22%.

About Bank of America

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.