Southland Equity Partners LLC Sells 3,005 Shares of Bank of America Co. (NYSE:BAC)

Southland Equity Partners LLC lowered its stake in shares of Bank of America Co. (NYSE:BAC) by 27.3% during the 1st quarter, Holdings Channel.com reports. The fund owned 7,999 shares of the financial services provider’s stock after selling 3,005 shares during the quarter. Southland Equity Partners LLC’s holdings in Bank of America were worth $303,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Rossmore Private Capital lifted its position in shares of Bank of America by 1.2% during the fourth quarter. Rossmore Private Capital now owns 26,537 shares of the financial services provider’s stock valued at $894,000 after buying an additional 303 shares during the last quarter. Regent Peak Wealth Advisors LLC lifted its position in shares of Bank of America by 3.2% during the fourth quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock valued at $336,000 after buying an additional 314 shares during the last quarter. Kennedy Investment Group increased its holdings in shares of Bank of America by 0.6% during the fourth quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock valued at $1,953,000 after acquiring an additional 321 shares in the last quarter. Private Ocean LLC increased its holdings in shares of Bank of America by 34.0% during the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 325 shares in the last quarter. Finally, Selective Wealth Management Inc. increased its holdings in shares of Bank of America by 2.0% during the fourth quarter. Selective Wealth Management Inc. now owns 17,351 shares of the financial services provider’s stock valued at $586,000 after acquiring an additional 334 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 1.3 %

Shares of NYSE:BAC opened at $40.02 on Tuesday. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $40.34. The firm has a market capitalization of $312.97 billion, a price-to-earnings ratio of 13.85, a price-to-earnings-growth ratio of 1.76 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. The business’s 50 day moving average price is $38.61 and its 200-day moving average price is $35.89.

Bank of America (NYSE:BAC) last announced its earnings results 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 firm had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. During the same quarter last year, the firm posted $0.94 EPS. The business’s revenue was down 1.7% on a year-over-year basis. On average, equities research analysts forecast that Bank of America Co. will post 3.21 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.40%. Bank of America’s dividend payout ratio (DPR) is 33.22%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on BAC shares. Wolfe Research upgraded shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective on the stock in a report on Friday, April 19th. Jefferies Financial Group upped their price objective on shares of Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a report on Monday, April 8th. Evercore ISI upped their price objective on shares of Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a report on Thursday, April 4th. Citigroup increased their price target on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday, March 20th. Finally, JPMorgan Chase & Co. increased their price target on shares of Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a report on Wednesday, May 1st. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, Bank of America has an average rating of “Hold” and an average target price of $39.79.

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.