Washington Capital Management Inc. decreased its holdings in Bank of America Co. (NYSE:BAC) by 8.4% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 28,110 shares of the financial services provider’s stock after selling 2,575 shares during the quarter. Washington Capital Management Inc.’s holdings in Bank of America were worth $946,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in BAC. Fort Sheridan Advisors LLC lifted its position in Bank of America by 0.8% during the 4th quarter. Fort Sheridan Advisors LLC now owns 39,526 shares of the financial services provider’s stock worth $1,309,000 after buying an additional 303 shares in the last quarter. Selective Wealth Management Inc. increased its stake in shares of Bank of America by 2.0% during the 4th quarter. Selective Wealth Management Inc. now owns 17,351 shares of the financial services provider’s stock worth $586,000 after purchasing an additional 334 shares during the last quarter. Fort Point Capital Partners LLC increased its stake in shares of Bank of America by 2.2% during the 1st quarter. Fort Point Capital Partners LLC now owns 15,918 shares of the financial services provider’s stock worth $656,000 after purchasing an additional 336 shares during the last quarter. Morton Capital Management LLC CA increased its stake in shares of Bank of America by 3.3% during the 4th quarter. Morton Capital Management LLC CA now owns 10,628 shares of the financial services provider’s stock worth $358,000 after purchasing an additional 341 shares during the last quarter. Finally, Sweet Financial Partners LLC increased its stake in shares of Bank of America by 1.8% during the 4th quarter. Sweet Financial Partners LLC now owns 19,529 shares of the financial services provider’s stock worth $658,000 after purchasing an additional 344 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.
Bank of America Stock Performance
NYSE BAC opened at $37.92 on Friday. The firm has a 50-day moving average price of $34.70 and a two-hundred day moving average price of $31.42. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $38.00. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.15. The company has a market capitalization of $299.21 billion, a P/E ratio of 12.35, a P/E/G ratio of 1.75 and a beta of 1.38.
Bank of America (NYSE:BAC – Get Free Report) last issued its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.01. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The company had revenue of $22 billion during the quarter, compared to the consensus estimate of $23.70 billion. During the same quarter in the prior year, the firm posted $0.85 EPS. The firm’s quarterly revenue was down 10.2% on a year-over-year basis. Analysts anticipate that Bank of America Co. will post 3.1 earnings per share for the current year.
Bank of America Announces Dividend
The company also recently declared 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 2.53%. The ex-dividend date of this dividend was Thursday, February 29th. Bank of America’s dividend payout ratio (DPR) is presently 31.27%.
Analyst Upgrades and Downgrades
Several research analysts have recently weighed in on the stock. BMO Capital Markets lowered 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. HSBC restated a “hold” rating and set a $39.00 price objective (up from $38.00) on shares of Bank of America in a research note on Thursday. Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $32.00 to $41.00 in a research note on Tuesday, January 30th. Wells Fargo & Company upped 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 note on Thursday. Finally, Barclays upped their price target on shares of Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research note on Tuesday, January 2nd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $36.15.
Read Our Latest Stock Report on Bank of America
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.
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Read More: Bank of America Co. (NYSE:BAC) Shares Sold by Washington Capital Management