Wellspring Financial Advisors LLC Sells 6,128 Shares of Bank of America Co. (NYSE:BAC)

Wellspring Financial Advisors LLC cut its position in Bank of America Co. (NYSE:BAC) by 36.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,700 shares of the financial services provider’s stock after selling 6,128 shares during the quarter. Wellspring Financial Advisors LLC’s holdings in Bank of America were worth $470,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Lederer & Associates Investment Counsel CA raised its stake in Bank of America by 1.1% in the 4th quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock valued at $879,000 after acquiring an additional 217 shares during the period. Avalon Trust Co raised its position in shares of Bank of America by 14.6% in the fourth quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider’s stock valued at $76,000 after purchasing an additional 219 shares during the period. Prossimo Advisors LLC lifted its stake in shares of Bank of America by 2.5% during the 4th quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock valued at $390,000 after buying an additional 220 shares in the last quarter. Marino Stram & Associates LLC boosted its holdings in Bank of America by 1.7% in the 4th quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock worth $580,000 after buying an additional 222 shares during the period. Finally, Keudell Morrison Wealth Management grew its stake in Bank of America by 2.8% in the 4th quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock valued at $364,000 after buying an additional 223 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on BAC. Morgan Stanley raised their price target on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. HSBC upgraded 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. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and increased their price target for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. Oppenheimer boosted their price objective on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. Finally, Citigroup lowered their target price on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, March 24th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and an average target price of $48.31.

Bank of America Stock Performance

NYSE BAC opened at $34.37 on Monday. The firm has a market cap of $261.32 billion, a price-to-earnings ratio of 10.67, a PEG ratio of 1.21 and a beta of 1.32. The company has a 50-day simple moving average of $43.74 and a two-hundred day simple moving average of $43.94. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 12-month low of $32.70 and a 12-month high of $48.08.

Bank of America (NYSE:BAC) last posted its quarterly 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. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same period last year, the company earned $0.70 EPS. Bank of America’s revenue for the quarter was up 15.0% compared to the same quarter last year. On average, equities analysts forecast that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 3.03%. Bank of America’s payout ratio is currently 32.30%.

Bank of America Company 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.