Bank of America (BAC) Shares Sold by Signature Financial Management Inc.

Signature Financial Management Inc. lessened its stake in shares of Bank of America (NYSE:BAC) by 57.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,516 shares of the financial services provider’s stock after selling 15,826 shares during the quarter. Signature Financial Management Inc.’s holdings in Bank of America were worth $340,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Altavista Wealth Management Inc. lifted its position in Bank of America by 0.7% in the 2nd quarter. Altavista Wealth Management Inc. now owns 10,199 shares of the financial services provider’s stock valued at $247,000 after acquiring an additional 68 shares in the last quarter. Carnegie Capital Asset Management LLC increased its stake in Bank of America by 0.4% in the 2nd quarter. Carnegie Capital Asset Management LLC now owns 26,356 shares of the financial services provider’s stock valued at $648,000 after buying an additional 104 shares during the last quarter. GSB Wealth Management LLC increased its stake in Bank of America by 0.3% in the 2nd quarter. GSB Wealth Management LLC now owns 32,934 shares of the financial services provider’s stock valued at $799,000 after buying an additional 105 shares during the last quarter. First City Capital Management Inc. increased its stake in Bank of America by 0.7% in the 2nd quarter. First City Capital Management Inc. now owns 66,982 shares of the financial services provider’s stock valued at $1,625,000 after buying an additional 453 shares during the last quarter. Finally, Gofen & Glossberg LLC IL increased its stake in Bank of America by 1.6% in the 2nd quarter. Gofen & Glossberg LLC IL now owns 33,823 shares of the financial services provider’s stock valued at $821,000 after buying an additional 521 shares during the last quarter. 69.84% of the stock is currently owned by institutional investors.

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Several equities research analysts have commented on BAC shares. Keefe, Bruyette & Woods increased their price objective on shares of Bank of America from $29.00 to $34.00 and gave the company an “outperform” rating in a research note on Thursday, December 14th. Wells Fargo set a $35.00 price objective on shares of Bank of America and gave the company a “buy” rating in a research note on Wednesday, December 20th. Barclays increased their price objective on shares of Bank of America from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 2nd. Zacks Investment Research upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $33.00 price objective for the company in a research note on Tuesday, January 2nd. Finally, Instinet decreased their price objective on shares of Bank of America from $37.00 to $30.00 in a research note on Wednesday, January 3rd. Nine research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $30.97.

Shares of BAC stock opened at $29.63 on Monday. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.93. Bank of America has a 12-month low of $22.07 and a 12-month high of $33.05. The company has a market cap of $303,520.53, a PE ratio of 16.28, a P/E/G ratio of 1.49 and a beta of 1.37.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.03. Bank of America had a net margin of 18.03% and a return on equity of 8.54%. The company had revenue of $20.69 billion during the quarter, compared to analyst estimates of $21.61 billion. During the same quarter last year, the business posted $0.40 EPS. Bank of America’s quarterly revenue was up 3.5% compared to the same quarter last year. equities analysts forecast that Bank of America will post 2.48 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, March 30th. Stockholders of record on Friday, March 2nd were paid a dividend of $0.12 per share. The ex-dividend date was Thursday, March 1st. This represents a $0.48 annualized dividend and a dividend yield of 1.62%. Bank of America’s payout ratio is currently 26.23%.

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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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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

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