Alpha Cubed Investments LLC Lowers Holdings in Bank of America Co. (NYSE:BAC)

Alpha Cubed Investments LLC lowered its holdings in shares of Bank of America Co. (NYSE:BAC) by 20.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 98,791 shares of the financial services provider’s stock after selling 26,101 shares during the quarter. Alpha Cubed Investments LLC’s holdings in Bank of America were worth $3,326,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BAC. Brighton Jones LLC lifted its stake in Bank of America by 13.7% in the 4th quarter. Brighton Jones LLC now owns 92,295 shares of the financial services provider’s stock worth $3,108,000 after purchasing an additional 11,130 shares in the last quarter. Auxano Advisors LLC raised its holdings in shares of Bank of America by 234.5% during the 4th quarter. Auxano Advisors LLC now owns 27,356 shares of the financial services provider’s stock worth $921,000 after acquiring an additional 19,179 shares in the last quarter. WealthTrust Axiom LLC boosted its position in shares of Bank of America by 4.3% during the 4th quarter. WealthTrust Axiom LLC now owns 16,599 shares of the financial services provider’s stock valued at $559,000 after acquiring an additional 681 shares during the last quarter. Norden Group LLC grew its holdings in shares of Bank of America by 21.5% in the fourth quarter. Norden Group LLC now owns 40,940 shares of the financial services provider’s stock valued at $1,378,000 after purchasing an additional 7,243 shares in the last quarter. Finally, Penobscot Investment Management Company Inc. increased its position in Bank of America by 7.4% in the fourth quarter. Penobscot Investment Management Company Inc. now owns 84,479 shares of the financial services provider’s stock worth $2,844,000 after purchasing an additional 5,825 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 1.5 %

BAC traded down $0.54 on Tuesday, hitting $37.01. The company had a trading volume of 30,280,209 shares, compared to its average volume of 41,130,859. The stock has a market capitalization of $291.99 billion, a price-to-earnings ratio of 12.90, a P/E/G ratio of 1.69 and a beta of 1.39. The stock has a fifty day moving average price of $36.20 and a 200-day moving average price of $32.88. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $38.49. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.06. The company had revenue of $25.82 billion during the quarter, compared to the consensus estimate 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 revenue was down 1.7% compared to the same quarter last year. During the same period last year, the firm earned $0.94 earnings per share. Analysts predict that Bank of America Co. will post 3.19 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business 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 dividend of $0.24 per share. The ex-dividend date is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a yield of 2.59%. Bank of America’s payout ratio is 33.22%.

Analyst Upgrades and Downgrades

Several research firms recently commented on BAC. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Jefferies Financial Group boosted their target price on Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research report on Monday, April 8th. Evercore ISI raised their price target on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. BMO Capital Markets boosted their price objective on shares of Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research report on Thursday, April 18th. Finally, Odeon Capital Group downgraded shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price on the stock. in a research note on Tuesday, January 16th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $38.59.

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.