Bailard Inc. Has $9 Million Stock Position in Bank of America Co. (NYSE:BAC)

Bailard Inc. lowered its position in shares of Bank of America Co. (NYSE:BAC) by 0.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 267,197 shares of the financial services provider’s stock after selling 2,196 shares during the quarter. Bailard Inc.’s holdings in Bank of America were worth $8,997,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Regent Peak Wealth Advisors LLC increased its stake in Bank of America by 3.2% in the 4th quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock valued at $336,000 after buying an additional 314 shares during the last quarter. Kennedy Investment Group increased its position in shares of Bank of America by 0.6% during the 4th quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock valued at $1,953,000 after purchasing an additional 321 shares during the last quarter. Private Ocean LLC raised its stake in shares of Bank of America by 34.0% during the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 325 shares during the period. Selective Wealth Management Inc. boosted its holdings in shares of Bank of America by 2.0% in the 4th quarter. Selective Wealth Management Inc. now owns 17,351 shares of the financial services provider’s stock worth $586,000 after buying an additional 334 shares during the last quarter. Finally, Morton Capital Management LLC CA grew its position in Bank of America by 3.3% during the fourth quarter. Morton Capital Management LLC CA now owns 10,628 shares of the financial services provider’s stock valued at $358,000 after buying an additional 341 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of BAC stock traded down $0.05 on Wednesday, reaching $38.32. The company’s stock had a trading volume of 28,655,567 shares, compared to its average volume of 41,609,586. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $38.49. The stock’s 50 day simple moving average is $35.98 and its 200-day simple moving average is $32.61. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a market capitalization of $302.37 billion, a P/E ratio of 13.26, a PEG ratio of 1.70 and a beta of 1.39.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.77 by $0.06. The company had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. Bank of America’s revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.94 earnings per share. As a group, equities analysts predict that Bank of America Co. will post 3.17 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date was Thursday, February 29th. Bank of America’s dividend payout ratio is currently 33.22%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $32.00 to $41.00 in a research note on Tuesday, January 30th. BMO Capital Markets increased their price target on Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research note on Thursday, April 18th. Jefferies Financial Group boosted their price objective on Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research note on Monday, April 8th. Citigroup increased their target price on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 20th. Finally, Wells Fargo & Company boosted their price target on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Bank of America presently has an average rating of “Hold” and an average price target of $38.53.

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.