Stratos Investment Management LLC Has $6.59 Million Position in Bank of America Co. (NYSE:BAC)

Stratos Investment Management LLC trimmed its position in Bank of America Co. (NYSE:BAC) by 5.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 149,990 shares of the financial services provider’s stock after selling 7,979 shares during the quarter. Stratos Investment Management LLC’s holdings in Bank of America were worth $6,592,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Kennebec Savings Bank bought a new position in Bank of America in the third quarter valued at about $29,000. Highline Wealth Partners LLC lifted its stake in shares of Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 510 shares during the last quarter. Christopher J. Hasenberg Inc boosted its stake in shares of Bank of America by 525.9% during the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 852 shares in the last quarter. Retirement Wealth Solutions LLC acquired a new position in shares of Bank of America in the fourth quarter valued at approximately $42,000. Finally, Northwest Investment Counselors LLC bought a new position in Bank of America in the 3rd quarter valued at approximately $45,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Up 1.1 %

BAC opened at $46.73 on Wednesday. The company’s 50-day moving average price is $45.81 and its two-hundred day moving average price is $42.79. Bank of America Co. has a twelve month low of $32.35 and a twelve month high of $48.08. The stock has a market cap of $358.57 billion, a price-to-earnings ratio of 14.51, a PEG ratio of 1.26 and a beta of 1.33. 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 posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same period last year, the company earned $0.70 earnings per share. The business’s revenue for the quarter was up 15.0% on a year-over-year basis. As a group, equities analysts expect that Bank of America Co. will post 3.67 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.23%. Bank of America’s dividend payout ratio is currently 32.30%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on BAC. Wells Fargo & Company upped their price target on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Evercore ISI decreased their price target on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Friday, January 17th. Royal Bank of Canada restated an “outperform” rating and set a $46.00 target price on shares of Bank of America in a research report on Wednesday, October 9th. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $48.58.

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.