Shufro Rose & Co. LLC Sells 1,510 Shares of Bank of America Co. (NYSE:BAC)

Shufro Rose & Co. LLC decreased its stake in Bank of America Co. (NYSE:BAC) by 3.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 48,949 shares of the financial services provider’s stock after selling 1,510 shares during the period. Shufro Rose & Co. LLC’s holdings in Bank of America were worth $1,648,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Fortis Group Advisors LLC acquired a new position in Bank of America in the 3rd quarter valued at approximately $25,000. Criterion Capital Advisors LLC acquired a new position in Bank of America in the 4th quarter valued at approximately $32,000. Glass Jacobson Investment Advisors llc increased its position in Bank of America by 98.1% in the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 504 shares during the period. ZRC Wealth Management LLC increased its position in Bank of America by 192.3% in the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 750 shares during the period. Finally, Private Ocean LLC increased its position in Bank of America by 34.0% in the 4th 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 during the period. Institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

BAC has been the subject of several recent research reports. Barclays upped their price target on shares of Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. Keefe, Bruyette & Woods increased their price objective on shares of Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a research report on Friday, April 5th. HSBC reiterated a “hold” rating and set a $39.00 price objective (up from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. BMO Capital Markets increased their price objective on shares of Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research report on Thursday, April 18th. Finally, Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Bank of America has a consensus rating of “Hold” and a consensus price target of $38.53.

Bank of America Price Performance

NYSE:BAC traded down $0.08 during trading hours on Friday, hitting $37.83. 28,668,680 shares of the stock traded hands, compared to its average volume of 40,953,860. The company has a market cap of $298.50 billion, a price-to-earnings ratio of 13.09, a price-to-earnings-growth ratio of 1.69 and a beta of 1.39. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $38.49. The stock has a 50 day moving average price of $36.13 and a 200 day moving average price of $32.76.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.06. The company had revenue of $25.82 billion for the quarter, compared to analysts’ expectations 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 quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.94 earnings per share. Sell-side analysts forecast that Bank of America Co. will post 3.19 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.54%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s dividend payout ratio is currently 33.22%.

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.