CX Institutional lessened its stake in Bank of America Co. (NYSE:BAC) by 48.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 18,925 shares of the financial services provider’s stock after selling 18,101 shares during the quarter. CX Institutional’s holdings in Bank of America were worth $637,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Adams Asset Advisors LLC raised its position in shares of Bank of America by 3.1% during the 4th quarter. Adams Asset Advisors LLC now owns 354,987 shares of the financial services provider’s stock valued at $11,952,000 after acquiring an additional 10,799 shares in the last quarter. First Bank & Trust raised its holdings in shares of Bank of America by 10.6% during the fourth quarter. First Bank & Trust now owns 8,474 shares of the financial services provider’s stock worth $285,000 after purchasing an additional 809 shares during the period. Redhawk Wealth Advisors Inc. acquired a new stake in Bank of America during the fourth quarter worth about $464,000. Sterling Group Wealth Management LLC acquired a new stake in Bank of America during the fourth quarter worth about $210,000. Finally, Advisor Resource Council raised its stake in Bank of America by 87.3% during the fourth quarter. Advisor Resource Council now owns 21,804 shares of the financial services provider’s stock worth $734,000 after acquiring an additional 10,164 shares during the period. Institutional investors and hedge funds own 68.06% of the company’s stock.
Insider Buying and Selling at Bank of America
In other Bank of America news, major shareholder Of America Corp /De/ Bank acquired 5,398 shares of Bank of America stock in a transaction that occurred on Wednesday, December 27th. The stock was acquired at an average price of $10.56 per share, with a total value of $57,002.88. Following the purchase, the insider now owns 5,398 shares in the company, valued at $57,002.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.27% of the company’s stock.
Bank of America Trading Down 1.2 %
Bank of America stock opened at $37.05 on Friday. The company has a 50 day moving average price of $34.17 and a 200 day moving average price of $31.10. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $37.61. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a market capitalization of $292.35 billion, a price-to-earnings ratio of 12.07, a P/E/G ratio of 1.69 and a beta of 1.38.
Bank of America (NYSE:BAC – Get Free Report) last announced its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.01. The firm had revenue of $22 billion during the quarter, compared to analyst estimates of $23.70 billion. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The business’s quarterly revenue was down 10.2% compared to the same quarter last year. During the same period last year, the company posted $0.85 EPS. Research analysts forecast that Bank of America Co. will post 3.12 EPS for the current year.
Bank of America Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 1st will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date of this dividend is Thursday, February 29th. Bank of America’s dividend payout ratio (DPR) is presently 31.27%.
Wall Street Analysts Forecast Growth
A number of brokerages have recently weighed in on BAC. Odeon Capital Group cut Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target on the stock. in a research report on Tuesday, January 16th. Morgan Stanley raised Bank of America from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $32.00 to $41.00 in a research report on Tuesday, January 30th. Barclays increased their price objective on shares of Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. Citigroup increased their price objective on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, BMO Capital Markets dropped their price target on shares of Bank of America from $37.00 to $36.00 and set a “market perform” rating on the stock in a research note on Tuesday, January 16th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $35.65.
Check Out Our Latest Research Report on Bank of America
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.
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