WNY Asset Management LLC Has $665,000 Stock Position in Bank of America Co. (NYSE:BAC)

WNY Asset Management LLC reduced its position in shares of Bank of America Co. (NYSE:BAC) by 25.3% during the fourth quarter, Holdings Channel reports. The institutional investor owned 15,137 shares of the financial services provider’s stock after selling 5,125 shares during the period. WNY Asset Management LLC’s holdings in Bank of America were worth $665,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Lederer & Associates Investment Counsel CA raised its position in Bank of America by 1.1% during 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 purchasing an additional 217 shares during the last quarter. Avalon Trust Co raised its position in Bank of America by 14.6% during the 4th 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 last quarter. Prossimo Advisors LLC raised its position in 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 purchasing an additional 220 shares during the last quarter. Keudell Morrison Wealth Management raised its position in Bank of America by 2.8% during the 4th quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock valued at $364,000 after purchasing an additional 223 shares during the last quarter. Finally, Consolidated Planning Corp raised its position in Bank of America by 2.9% during the 4th quarter. Consolidated Planning Corp now owns 8,092 shares of the financial services provider’s stock valued at $356,000 after purchasing an additional 226 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of BAC opened at $43.20 on Friday. The business’s fifty day simple moving average is $40.34 and its two-hundred day simple moving average is $43.60. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 12 month low of $33.07 and a 12 month high of $48.08. The company has a market cap of $325.38 billion, a price-to-earnings ratio of 13.42, a P/E/G ratio of 1.21 and a beta of 1.27.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Research analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be paid a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.41%. Bank of America’s dividend payout ratio is 30.95%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on BAC shares. Argus decreased their target price on Bank of America from $53.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. Citigroup decreased their target price on Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, March 24th. Keefe, Bruyette & Woods decreased their target price on Bank of America from $55.00 to $52.00 and set an “outperform” rating for the company in a research report on Wednesday, April 16th. Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Finally, Barclays decreased their target price on Bank of America from $58.00 to $54.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, five have given a hold rating, seventeen have given a buy rating and four have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.50.

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.