Physician Wealth Advisors Inc. Decreases Stock Holdings in Bank of America Co. (NYSE:BAC)

Physician Wealth Advisors Inc. cut its holdings in Bank of America Co. (NYSE:BAC) by 8.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,966 shares of the financial services provider’s stock after selling 604 shares during the period. Physician Wealth Advisors Inc.’s holdings in Bank of America were worth $306,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Principal Financial Group Inc. increased its position in shares of Bank of America by 3.8% during the 3rd quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock valued at $611,692,000 after purchasing an additional 569,385 shares during the last quarter. Algert Global LLC bought a new position in Bank of America during the third quarter valued at $606,000. Financial Counselors Inc. raised its stake in shares of Bank of America by 41.3% in the third quarter. Financial Counselors Inc. now owns 84,013 shares of the financial services provider’s stock valued at $3,334,000 after acquiring an additional 24,552 shares during the period. Martingale Asset Management L P lifted its holdings in shares of Bank of America by 1,465.8% in the 3rd quarter. Martingale Asset Management L P now owns 149,412 shares of the financial services provider’s stock worth $5,929,000 after acquiring an additional 139,870 shares during the last quarter. Finally, Fred Alger Management LLC boosted its stake in shares of Bank of America by 1.8% during the 3rd quarter. Fred Alger Management LLC now owns 190,337 shares of the financial services provider’s stock worth $7,553,000 after purchasing an additional 3,335 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have issued reports on BAC shares. Oppenheimer raised their price objective on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research note on Tuesday, January 7th. Finally, Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have issued a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $48.45.

Bank of America Trading Down 3.1 %

NYSE BAC opened at $41.24 on Friday. The firm has a market cap of $313.50 billion, a PE ratio of 12.81, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. Bank of America Co. has a 52 week low of $34.15 and a 52 week high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a 50 day moving average price of $44.45 and a 200 day moving average price of $43.89.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same quarter in the prior year, the business posted $0.70 EPS. The business’s revenue for the quarter was up 15.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were paid a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.52%. Bank of America’s payout ratio is 32.30%.

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.