Blume Capital Management Inc. Cuts Position in Bank of America Co. (NYSE:BAC)

Blume Capital Management Inc. decreased its position in Bank of America Co. (NYSE:BAC - Free Report) by 8.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 246,171 shares of the financial services provider's stock after selling 23,530 shares during the quarter. Bank of America accounts for about 2.4% of Blume Capital Management Inc.'s investment portfolio, making the stock its 11th largest holding. Blume Capital Management Inc.'s holdings in Bank of America were worth $10,819,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. May Barnhard Investments LLC acquired a new position in Bank of America during the fourth quarter valued at $1,722,000. Atala Financial Inc acquired a new position in shares of Bank of America during the 4th quarter worth about $298,000. LBP AM SA raised its holdings in Bank of America by 58.7% in the 4th quarter. LBP AM SA now owns 577,719 shares of the financial services provider's stock valued at $25,391,000 after acquiring an additional 213,730 shares in the last quarter. Mondrian Investment Partners LTD bought a new stake in shares of Bank of America in the 4th quarter valued at approximately $1,431,000. Finally, Madison Investment Advisors LLC bought a new stake in Bank of America during the 4th quarter worth approximately $13,959,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Stock Down 0.7 %

BAC opened at $39.64 on Friday. The business's fifty day moving average is $45.27 and its two-hundred day moving average is $43.70. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market cap of $301.40 billion, a price-to-earnings ratio of 12.31, a PEG ratio of 1.21 and a beta of 1.32. Bank of America Co. has a one year low of $34.15 and a one year high of $48.08.

Remove Ads

Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS 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 during the quarter, compared to analyst estimates of $25.12 billion. During the same period in the prior year, the firm posted $0.70 earnings per share. The business's quarterly revenue was up 15.0% compared to the same quarter last year. Analysts anticipate that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.62%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America's payout ratio is currently 32.30%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on BAC shares. Keefe, Bruyette & Woods increased their target price on Bank of America from $50.00 to $57.00 and gave the stock an "outperform" rating in a research note on Tuesday, December 3rd. Morgan Stanley increased their target price on Bank of America from $54.00 to $56.00 and gave the stock an "equal weight" rating in a report on Friday, January 17th. Baird R W upgraded Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 7th. Wells Fargo & Company raised their price objective 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. Finally, Robert W. Baird upgraded Bank of America from a "neutral" rating to an "outperform" rating and boosted their target price for the company from $45.00 to $50.00 in a research note on Friday, March 7th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have given a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $48.64.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.