Coastline Trust Co Decreases Stake in Bank of America Co. (NYSE:BAC)

Coastline Trust Co reduced its stake in Bank of America Co. (NYSE:BAC) by 6.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 67,339 shares of the financial services provider’s stock after selling 4,650 shares during the quarter. Coastline Trust Co’s holdings in Bank of America were worth $2,267,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Moneta Group Investment Advisors LLC increased its holdings in Bank of America by 108,111.3% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 193,168,025 shares of the financial services provider’s stock worth $6,397,725,000 after buying an additional 192,989,515 shares during the period. Norges Bank acquired a new position in Bank of America during the fourth quarter worth about $3,436,543,000. Northern Trust Corp lifted its position in Bank of America by 2.1% during the third quarter. Northern Trust Corp now owns 67,648,727 shares of the financial services provider’s stock worth $1,852,222,000 after buying an additional 1,397,469 shares in the last quarter. Barclays PLC boosted its position in shares of Bank of America by 97.3% during the 3rd quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock valued at $1,130,538,000 after acquiring an additional 20,362,295 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Bank of America by 1.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 40,518,019 shares of the financial services provider’s stock worth $1,109,383,000 after buying an additional 746,756 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Citigroup lifted their target price on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a report on Wednesday, March 20th. Wells Fargo & Company increased their price target on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. HSBC reiterated a “hold” rating and issued a $39.00 price target (up from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. BMO Capital Markets reduced their price objective on shares of Bank of America from $37.00 to $36.00 and set a “market perform” rating on the stock in a research note on Tuesday, January 16th. Finally, Oppenheimer cut their price target on shares of Bank of America from $50.00 to $46.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 19th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $36.15.

Read Our Latest Research Report on BAC

Bank of America Price Performance

Shares of BAC stock traded down $0.22 during midday trading on Tuesday, reaching $37.30. 33,961,769 shares of the company were exchanged, compared to its average volume of 40,920,441. The company’s 50 day moving average price is $34.80 and its two-hundred day moving average price is $31.51. The company has a market cap of $294.32 billion, a P/E ratio of 12.15, a PEG ratio of 1.75 and a beta of 1.39. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.80 and a current ratio of 0.80. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $38.35.

Bank of America (NYSE:BACGet Free Report) last announced its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.01. The company had revenue of $22 billion for the quarter, compared to analysts’ expectations of $23.70 billion. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The business’s revenue was down 10.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.85 EPS. On average, sell-side analysts expect that Bank of America Co. will post 3.1 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.57%. The ex-dividend date was Thursday, February 29th. Bank of America’s dividend payout ratio (DPR) is currently 31.27%.

Bank of America Profile

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

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