Cumberland Advisors Inc. Cuts Position in Bank of America Co. (NYSE:BAC)

Cumberland Advisors Inc. reduced its stake in Bank of America Co. (NYSE:BAC) by 1.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 51,900 shares of the financial services provider’s stock after selling 500 shares during the period. Cumberland Advisors Inc.’s holdings in Bank of America were worth $1,968,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Graybill Wealth Management LTD. increased its stake in Bank of America by 1.8% in the first quarter. Graybill Wealth Management LTD. now owns 118,246 shares of the financial services provider’s stock valued at $4,484,000 after purchasing an additional 2,050 shares during the last quarter. Wealthcare Advisory Partners LLC grew its position in shares of Bank of America by 16.8% during the first quarter. Wealthcare Advisory Partners LLC now owns 63,812 shares of the financial services provider’s stock worth $2,420,000 after acquiring an additional 9,191 shares during the last quarter. Corundum Group Inc. grew its position in shares of Bank of America by 83.0% during the first quarter. Corundum Group Inc. now owns 25,016 shares of the financial services provider’s stock worth $949,000 after acquiring an additional 11,349 shares during the last quarter. Defined Wealth Management LLC grew its position in shares of Bank of America by 3.0% during the first quarter. Defined Wealth Management LLC now owns 14,179 shares of the financial services provider’s stock worth $538,000 after acquiring an additional 418 shares during the last quarter. Finally, St. Johns Investment Management Company LLC grew its position in shares of Bank of America by 1.5% during the first quarter. St. Johns Investment Management Company LLC now owns 96,036 shares of the financial services provider’s stock worth $3,642,000 after acquiring an additional 1,380 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. UBS Group reaffirmed a “neutral” rating and set a $40.00 price target (up from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Keefe, Bruyette & Woods raised Bank of America from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $37.00 to $46.00 in a report on Friday, June 14th. Evercore ISI increased their price target on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. Finally, JPMorgan Chase & Co. increased their price target on Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a report on Wednesday, May 1st. Two analysts have rated the stock with a sell rating, six have given a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $39.79.

Bank of America Trading Up 0.2 %

Shares of NYSE BAC traded up $0.08 during midday trading on Thursday, hitting $39.08. The stock had a trading volume of 15,636,173 shares, compared to its average volume of 38,748,430. The company has a market capitalization of $305.62 billion, a price-to-earnings ratio of 13.53, a PEG ratio of 1.50 and a beta of 1.36. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $40.34. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a fifty day moving average price of $38.78 and a 200 day moving average price of $35.97.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.77 by $0.06. The firm had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. Bank of America’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.94 EPS. On average, analysts predict that Bank of America Co. will post 3.22 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.46%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is presently 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.