Guggenheim Capital LLC lowered its position in shares of Bank of America Co. (NYSE:BAC - Free Report) by 53.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 218,423 shares of the financial services provider's stock after selling 248,719 shares during the period. Guggenheim Capital LLC's holdings in Bank of America were worth $9,600,000 at the end of the most recent quarter.
A number of other hedge funds also recently added to or reduced their stakes in the business. Collier Financial purchased a new stake in Bank of America during the fourth quarter valued at approximately $25,000. Life Planning Partners Inc grew its stake in Bank of America by 3,883.2% during the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock worth $25,000 after buying an additional 545,936 shares during the last quarter. Graney & King LLC acquired a new position in Bank of America during the 4th quarter valued at about $25,000. Fairway Wealth LLC acquired a new stake in Bank of America in the fourth quarter worth about $29,000. Finally, Glass Jacobson Investment Advisors llc increased its holdings in shares of Bank of America by 53.0% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider's stock valued at $35,000 after acquiring an additional 276 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.
Bank of America Price Performance
Shares of NYSE BAC traded up $0.11 during mid-day trading on Friday, reaching $37.44. The company's stock had a trading volume of 47,052,978 shares, compared to its average volume of 39,127,145. The stock has a 50-day moving average of $41.27 and a two-hundred day moving average of $43.59. 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 stock has a market capitalization of $284.65 billion, a P/E ratio of 11.63, a P/E/G ratio of 1.21 and a beta of 1.24. Bank of America Co. has a 1-year low of $33.07 and a 1-year high of $48.08.
Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating analysts' consensus estimates of $0.80 by $0.10. The company had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. On average, equities research analysts anticipate that Bank of America Co. will post 3.7 EPS for the current fiscal year.
Bank of America Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date was Friday, March 7th. Bank of America's dividend payout ratio (DPR) is currently 30.95%.
Wall Street Analyst Weigh In
Several research firms have weighed in on BAC. HSBC raised shares of Bank of America from a "hold" rating to a "buy" rating and set a $50.00 target price on the stock in a research report on Tuesday, January 7th. Cfra Research raised their target price on Bank of America to $47.00 and gave the stock a "buy" rating in a research note on Wednesday. Barclays dropped their price target on Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a research note on Wednesday. Baird R W upgraded Bank of America from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 7th. Finally, Oppenheimer upped their target price on Bank of America from $54.00 to $55.00 and gave the company an "outperform" rating in a research report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, seventeen have assigned a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $47.20.
View Our Latest Analysis on BAC
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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