Pasadena Private Wealth LLC Lowers Stock Position in Bank of America Co. (NYSE:BAC)

Pasadena Private Wealth LLC lowered its position in shares of Bank of America Co. (NYSE:BAC) by 2.6% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 33,788 shares of the financial services provider’s stock after selling 900 shares during the period. Pasadena Private Wealth LLC’s holdings in Bank of America were worth $1,281,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Fortis Group Advisors LLC purchased a new position in shares of Bank of America in the 3rd quarter worth about $25,000. Livelsberger Financial Advisory purchased a new position in shares of Bank of America in the 4th quarter worth about $28,000. Criterion Capital Advisors LLC purchased a new position in shares of Bank of America in the 4th quarter worth about $32,000. Northwest Investment Counselors LLC bought a new stake in Bank of America in the 1st quarter worth about $33,000. Finally, Mark Sheptoff Financial Planning LLC increased its holdings in Bank of America by 431.0% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 1,062 shares of the financial services provider’s stock worth $36,000 after buying an additional 862 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of NYSE:BAC traded up $0.52 during mid-day trading on Friday, reaching $39.77. 6,851,580 shares of the company traded hands, compared to its average volume of 38,592,309. The company’s 50 day moving average price is $38.78 and its 200-day moving average price is $35.97. The firm has a market cap of $311.02 billion, a PE ratio of 13.75, a PEG ratio of 1.49 and a beta of 1.36. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $40.34.

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 (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. During the same period in the previous year, the company posted $0.94 EPS. The firm’s revenue was down 1.7% on a year-over-year basis. On average, equities analysts expect that Bank of America Co. will post 3.22 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a $0.24 dividend. The ex-dividend date is Friday, June 7th. This represents a $0.96 annualized dividend and a yield of 2.41%. Bank of America’s payout ratio is 33.22%.

Analyst Upgrades and Downgrades

BAC has been the subject of several research analyst reports. Jefferies Financial Group lifted their price objective on Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a report on Monday, April 8th. Evercore ISI lifted their price objective on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. Keefe, Bruyette & Woods upgraded Bank of America from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $37.00 to $46.00 in a report on Friday, June 14th. JPMorgan Chase & Co. lifted their price objective on Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a report on Wednesday, May 1st. Finally, StockNews.com downgraded Bank of America from a “hold” rating to a “sell” rating in a report on Monday, May 20th. Two analysts have rated the stock with a sell rating, six have given a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, Bank of America currently has an average rating of “Hold” and a consensus target price of $39.79.

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.