Equitable Trust Co. Sells 3,193 Shares of Bank of America Co. (NYSE:BAC)

Equitable Trust Co. trimmed its position in shares of Bank of America Co. (NYSE:BAC) by 1.1% in the 4th quarter, HoldingsChannel.com reports. The fund owned 286,609 shares of the financial services provider’s stock after selling 3,193 shares during the quarter. Equitable Trust Co.’s holdings in Bank of America were worth $12,596,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Global Wealth Management Investment Advisory Inc. raised its stake in shares of Bank of America by 1.7% during the fourth quarter. Global Wealth Management Investment Advisory Inc. now owns 233,160 shares of the financial services provider’s stock valued at $10,247,000 after acquiring an additional 3,871 shares during the last quarter. Walter & Keenan Wealth Management LLC IN ADV increased its position in shares of Bank of America by 5.3% during the fourth quarter. Walter & Keenan Wealth Management LLC IN ADV now owns 6,369 shares of the financial services provider’s stock valued at $280,000 after buying an additional 319 shares during the period. Soltis Investment Advisors LLC increased its position in shares of Bank of America by 5.7% during the fourth quarter. Soltis Investment Advisors LLC now owns 19,117 shares of the financial services provider’s stock valued at $840,000 after buying an additional 1,035 shares during the period. Silicon Valley Capital Partners increased its position in shares of Bank of America by 1.1% during the fourth quarter. Silicon Valley Capital Partners now owns 237,903 shares of the financial services provider’s stock valued at $10,456,000 after buying an additional 2,476 shares during the period. Finally, Opal Wealth Advisors LLC increased its position in shares of Bank of America by 3.1% during the fourth quarter. Opal Wealth Advisors LLC now owns 15,752 shares of the financial services provider’s stock valued at $692,000 after buying an additional 468 shares during the period. 70.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on BAC. Barclays boosted their price target on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price target for the company from $46.00 to $54.00 in a research report on Friday, November 8th. Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target on the stock in a research report on Friday, October 18th. Oppenheimer upped their price objective on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Finally, StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Stock Down 0.7 %

Shares of Bank of America stock opened at $47.43 on Monday. The company has a market cap of $363.89 billion, a price-to-earnings ratio of 14.73, a price-to-earnings-growth ratio of 1.29 and a beta of 1.33. The company’s 50 day moving average is $45.77 and its 200 day moving average is $42.92. Bank of America Co. has a twelve month low of $32.35 and a twelve month high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.70 earnings per share. Research analysts anticipate that Bank of America Co. will post 3.69 EPS for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.19%. Bank of America’s dividend payout ratio (DPR) is 32.30%.

About Bank of America

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.