Johanson Financial Advisors Inc. Sells 525 Shares of Bank of America Co. (NYSE:BAC)

Johanson Financial Advisors Inc. lowered its position in shares of Bank of America Co. (NYSE:BAC) by 2.8% in the first quarter, HoldingsChannel reports. The fund owned 18,349 shares of the financial services provider’s stock after selling 525 shares during the period. Johanson Financial Advisors Inc.’s holdings in Bank of America were worth $732,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. DORCHESTER WEALTH MANAGEMENT Co raised its position in shares of Bank of America by 1.6% during the first quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 24,416 shares of the financial services provider’s stock worth $945,000 after acquiring an additional 377 shares during the last quarter. Allied Investment Advisors LLC raised its position in shares of Bank of America by 2.7% during the first quarter. Allied Investment Advisors LLC now owns 207,181 shares of the financial services provider’s stock worth $8,016,000 after acquiring an additional 5,372 shares during the last quarter. Northwest Investment Counselors LLC bought a new stake in shares of Bank of America during the first quarter worth $96,000. Gibraltar Capital Management Inc. raised its position in shares of Bank of America by 16.6% during the first quarter. Gibraltar Capital Management Inc. now owns 161,734 shares of the financial services provider’s stock worth $6,387,000 after acquiring an additional 23,049 shares during the last quarter. Finally, Telemus Capital LLC raised its position in shares of Bank of America by 18.5% during the first quarter. Telemus Capital LLC now owns 22,465 shares of the financial services provider’s stock worth $894,000 after acquiring an additional 3,504 shares during the last quarter. Institutional investors own 68.10% of the company’s stock.

BAC has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft increased their target price on Bank of America from $35.00 to $44.00 and gave the company a “buy” rating in a research note on Thursday, April 1st. Morgan Stanley lifted their price objective on shares of Bank of America from $36.00 to $38.00 and gave the stock an “underweight” rating in a research note on Monday, March 8th. Atlantic Securities raised shares of Bank of America from a “neutral” rating to an “overweight” rating and set a $40.00 target price for the company in a research note on Tuesday, January 26th. Zacks Investment Research raised shares of Bank of America from a “hold” rating to a “strong-buy” rating and set a $45.00 price target on the stock in a research report on Monday. Finally, Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the company from $31.00 to $37.00 in a research report on Monday, January 11th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Bank of America currently has a consensus rating of “Buy” and a consensus target price of $37.32.

Shares of NYSE BAC traded down $0.39 during midday trading on Thursday, reaching $38.33. The company’s stock had a trading volume of 1,581,156 shares, compared to its average volume of 55,497,238. The stock has a 50 day simple moving average of $38.40 and a 200-day simple moving average of $31.53. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $330.68 billion, a price-to-earnings ratio of 19.17, a PEG ratio of 2.13 and a beta of 1.59. Bank of America Co. has a fifty-two week low of $20.10 and a fifty-two week high of $40.38.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Thursday, April 15th. The financial services provider reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.21. Bank of America had a net margin of 19.50% and a return on equity of 8.00%. The firm had revenue of $22.80 billion for the quarter, compared to analyst estimates of $21.67 billion. During the same period in the previous year, the business earned $0.40 EPS. The company’s revenue was up .1% compared to the same quarter last year. As a group, equities analysts anticipate that Bank of America Co. will post 1.84 EPS for the current year.

Bank of America announced that its board has initiated a stock repurchase program on Tuesday, January 19th that authorizes the company to buyback $2.90 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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