Wilbanks Smith & Thomas Asset Management LLC Sells 5,348 Shares of Bank of America Co. (NYSE:BAC)

Wilbanks Smith & Thomas Asset Management LLC cut its stake in Bank of America Co. (NYSE:BAC) by 10.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 46,694 shares of the financial services provider’s stock after selling 5,348 shares during the quarter. Wilbanks Smith & Thomas Asset Management LLC’s holdings in Bank of America were worth $1,572,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in BAC. Rogco LP boosted its position in Bank of America by 164.8% in the fourth quarter. Rogco LP now owns 16,984 shares of the financial services provider’s stock worth $572,000 after purchasing an additional 10,571 shares during the last quarter. McIlrath & Eck LLC boosted its holdings in shares of Bank of America by 2.2% in the fourth quarter. McIlrath & Eck LLC now owns 42,709 shares of the financial services provider’s stock worth $1,438,000 after buying an additional 901 shares during the last quarter. First Trust Direct Indexing L.P. grew its position in Bank of America by 17.6% during the fourth quarter. First Trust Direct Indexing L.P. now owns 139,930 shares of the financial services provider’s stock valued at $4,711,000 after buying an additional 20,907 shares during the period. Searle & CO. increased its holdings in Bank of America by 22.1% during the fourth quarter. Searle & CO. now owns 245,411 shares of the financial services provider’s stock valued at $8,263,000 after buying an additional 44,351 shares during the last quarter. Finally, Y.D. More Investments Ltd raised its position in Bank of America by 16.4% in the fourth quarter. Y.D. More Investments Ltd now owns 87,228 shares of the financial services provider’s stock worth $2,937,000 after acquiring an additional 12,319 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Trading Down 0.1 %

Shares of NYSE:BAC traded down $0.04 during trading on Thursday, reaching $36.91. The company’s stock had a trading volume of 7,775,803 shares, compared to its average volume of 40,619,352. The stock has a market capitalization of $291.24 billion, a PE ratio of 12.75, a price-to-earnings-growth ratio of 1.66 and a beta of 1.37. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm’s 50 day simple moving average is $36.33 and its two-hundred day simple moving average is $32.98. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $38.49.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.77 by $0.06. The company had revenue of $25.82 billion during 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%. Bank of America’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.94 earnings per share. On average, research analysts predict that Bank of America Co. will post 3.19 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed 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. This represents a $0.96 dividend on an annualized basis and a yield of 2.60%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is currently 33.22%.

Analyst Upgrades and Downgrades

BAC has been the subject of several analyst reports. Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective for the company in a research note on Friday, April 19th. Oppenheimer upped their price target on Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Tuesday. Evercore ISI lifted their price target on shares of Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a report on Thursday, April 4th. Citigroup boosted their price objective on Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research report on Wednesday, March 20th. Finally, Wells Fargo & Company lifted their target price on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, Bank of America currently has an average rating of “Hold” and an average price target of $38.70.

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.