Colony Group LLC lowered its stake in shares of Bank of America Corp (NYSE:BAC) by 3.4% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 76,987 shares of the financial services provider’s stock after selling 2,740 shares during the period. Colony Group LLC’s holdings in Bank of America were worth $2,711,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. TFO TDC LLC acquired a new position in Bank of America during the 4th quarter valued at about $26,000. Sage Financial Group Inc. purchased a new position in shares of Bank of America in the 4th quarter worth approximately $38,000. Corbenic Partners LLC purchased a new position in shares of Bank of America in the 4th quarter worth approximately $39,000. Carolina Wealth Advisors LLC purchased a new position in shares of Bank of America in the 4th quarter worth approximately $43,000. Finally, Advisors Preferred LLC purchased a new position in shares of Bank of America in the 4th quarter worth approximately $45,000. Institutional investors and hedge funds own 71.53% of the company’s stock.
BAC has been the topic of a number of research analyst reports. Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and set a $34.00 target price on the stock in a research note on Tuesday, March 17th. Wolfe Research downgraded Bank of America from an “outperform” rating to a “market perform” rating in a research note on Wednesday. DA Davidson initiated coverage on Bank of America in a research note on Wednesday, January 8th. They issued a “neutral” rating and a $36.00 target price on the stock. Atlantic Securities downgraded Bank of America from an “overweight” rating to a “neutral” rating and set a $36.00 target price on the stock. in a research note on Tuesday, January 21st. Finally, ValuEngine upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, March 11th. Two equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and nine have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $34.16.
Shares of BAC stock opened at $21.10 on Thursday. The firm’s 50 day moving average is $28.69 and its 200 day moving average is $31.41. The stock has a market capitalization of $184.09 billion, a P/E ratio of 7.70, a PEG ratio of 1.03 and a beta of 1.63. Bank of America Corp has a 12 month low of $17.95 and a 12 month high of $35.72. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 1.00.
Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.05. Bank of America had a net margin of 24.15% and a return on equity of 11.95%. The business had revenue of $22.30 billion during the quarter, compared to analyst estimates of $22.30 billion. During the same period in the previous year, the business earned $0.70 EPS. Bank of America’s revenue was down 1.8% compared to the same quarter last year. On average, equities analysts predict that Bank of America Corp will post 2.92 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 6th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.41%. The ex-dividend date is Thursday, March 5th. Bank of America’s payout ratio is currently 24.49%.
Bank of America 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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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