Global Financial Private Client LLC Cuts Holdings in Bank of America Co. (NYSE:BAC)

Global Financial Private Client LLC trimmed its holdings in shares of Bank of America Co. (NYSE:BAC) by 1.0% in the fourth quarter, HoldingsChannel.com reports. The fund owned 40,614 shares of the financial services provider’s stock after selling 400 shares during the period. Global Financial Private Client LLC’s holdings in Bank of America were worth $1,785,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of BAC. Black Diamond Financial LLC lifted its holdings in shares of Bank of America by 6.5% in the second quarter. Black Diamond Financial LLC now owns 23,032 shares of the financial services provider’s stock worth $916,000 after buying an additional 1,397 shares in the last quarter. Sierra Summit Advisors LLC boosted its holdings in Bank of America by 136.2% in the 2nd quarter. Sierra Summit Advisors LLC now owns 20,314 shares of the financial services provider’s stock valued at $808,000 after purchasing an additional 11,714 shares during the period. Menard Financial Group LLC increased its holdings in shares of Bank of America by 20.9% in the second quarter. Menard Financial Group LLC now owns 17,576 shares of the financial services provider’s stock worth $699,000 after purchasing an additional 3,044 shares during the period. Citizens Financial Group Inc. RI raised its position in shares of Bank of America by 622.2% in the second quarter. Citizens Financial Group Inc. RI now owns 709,166 shares of the financial services provider’s stock worth $28,204,000 after buying an additional 610,977 shares in the last quarter. Finally, Wulff Hansen & CO. boosted its stake in Bank of America by 3,720.6% during the second quarter. Wulff Hansen & CO. now owns 2,025,221 shares of the financial services provider’s stock valued at $80,543,000 after buying an additional 1,972,213 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

BAC has been the topic of several recent analyst reports. Keefe, Bruyette & Woods raised their price target on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Oppenheimer dropped their target price on shares of Bank of America from $57.00 to $54.00 and set an “outperform” rating for the company in a research report on Friday, January 3rd. Wells Fargo & Company increased their price target on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a research report on Friday, October 18th. Finally, Evercore ISI increased their target price on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $47.50.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $45.09 on Tuesday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a market cap of $345.97 billion, a price-to-earnings ratio of 16.40, a price-to-earnings-growth ratio of 1.55 and a beta of 1.33. Bank of America Co. has a 12 month low of $31.27 and a 12 month high of $48.08. The company has a 50-day moving average price of $45.61 and a 200-day moving average price of $42.27.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.03. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business’s revenue was up .4% on a year-over-year basis. During the same quarter last year, the business posted $0.90 EPS. As a group, equities analysts anticipate that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 6th were issued a $0.26 dividend. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.31%. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Bank of America Company 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.