SOL Capital Management CO lessened its stake in shares of Bank of America Co. (NYSE:BAC - Free Report) by 18.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 97,402 shares of the financial services provider's stock after selling 22,300 shares during the quarter. SOL Capital Management CO's holdings in Bank of America were worth $4,281,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. Kennebec Savings Bank acquired a new stake in shares of Bank of America in the 3rd quarter worth approximately $29,000. Highline Wealth Partners LLC increased its position in shares of Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider's stock valued at $37,000 after buying an additional 510 shares in the last quarter. Christopher J. Hasenberg Inc boosted its position in shares of Bank of America by 525.9% in the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider's stock worth $40,000 after buying an additional 852 shares in the last quarter. Retirement Wealth Solutions LLC acquired a new stake in Bank of America in the 4th quarter valued at about $42,000. Finally, Northwest Investment Counselors LLC purchased a new position in Bank of America in the 3rd quarter valued at about $45,000. 70.71% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several research firms have recently issued reports on BAC. UBS Group raised shares of Bank of America from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. Keefe, Bruyette & Woods boosted their price target on Bank of America from $50.00 to $57.00 and gave the stock an "outperform" rating in a research report on Tuesday, December 3rd. Citigroup upgraded shares of Bank of America from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $46.00 to $54.00 in a research note on Friday, November 8th. Hsbc Global Res raised shares of Bank of America from a "hold" rating to a "strong-buy" rating in a report on Tuesday, January 7th. Finally, Wells Fargo & Company raised their target price on Bank of America from $52.00 to $56.00 and gave the company an "overweight" rating in a research note on Friday, November 15th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $48.58.
Read Our Latest Stock Analysis on Bank of America
Bank of America Stock Performance
NYSE:BAC traded down $0.26 during mid-day trading on Friday, hitting $46.46. The stock had a trading volume of 6,312,294 shares, compared to its average volume of 35,738,195. Bank of America Co. has a 52 week low of $32.35 and a 52 week high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $356.51 billion, a price-to-earnings ratio of 14.43, a P/E/G ratio of 1.27 and a beta of 1.33. The company has a 50 day simple moving average of $45.85 and a 200-day simple moving average of $42.76.
Bank of America (NYSE:BAC - Get Free Report) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter in the previous year, the business earned $0.70 EPS. The firm's revenue for the quarter was up 15.0% on a year-over-year basis. On average, research analysts expect that Bank of America Co. will post 3.67 earnings per share for the current fiscal year.
Bank of America Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be issued a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.24%. Bank of America's payout ratio is 32.30%.
About Bank of America
(
Free Report)
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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