Tranquility Partners LLC Cuts Holdings in Bank of America Co. (NYSE:BAC)

Tranquility Partners LLC lessened its stake in Bank of America Co. (NYSE:BAC) by 3.2% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 18,673 shares of the financial services provider’s stock after selling 621 shares during the quarter. Tranquility Partners LLC’s holdings in Bank of America were worth $629,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of BAC. Fortis Group Advisors LLC purchased a new position in Bank of America in the 3rd quarter worth approximately $25,000. Glass Jacobson Investment Advisors llc lifted its holdings in shares of Bank of America by 98.1% in the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 504 shares during the last quarter. Castleview Partners LLC bought a new stake in shares of Bank of America in the 1st quarter worth approximately $28,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Bank of America in the 1st quarter worth approximately $34,000. Finally, ZRC Wealth Management LLC lifted its holdings in shares of Bank of America by 192.3% in the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 750 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 1.5 %

Shares of NYSE:BAC traded up $0.54 during midday trading on Wednesday, reaching $35.22. The company’s stock had a trading volume of 65,935,560 shares, compared to its average volume of 41,550,309. The firm has a 50 day moving average of $35.51 and a 200-day moving average of $32.19. The firm has a market capitalization of $277.87 billion, a P/E ratio of 11.47, a PEG ratio of 1.64 and a beta of 1.39. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.15. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $38.35.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.77 by $0.06. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The company had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. During the same period in the prior year, the firm posted $0.94 EPS. Bank of America’s revenue for the quarter was down 1.7% on a year-over-year basis. On average, research analysts anticipate that Bank of America Co. will post 3.13 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.73%. The ex-dividend date was Thursday, February 29th. Bank of America’s dividend payout ratio is currently 31.27%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on BAC. Wells Fargo & Company boosted their price objective 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. Evercore ISI upped their price target on shares of Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a report on Thursday, April 4th. HSBC reissued a “hold” rating and set a $39.00 price objective (up from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $32.00 to $41.00 in a research report on Tuesday, January 30th. Finally, Oppenheimer reduced their price objective on shares of Bank of America from $46.00 to $45.00 and set an “outperform” rating on the stock in a research report on Wednesday. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $38.23.

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