SeaCrest Wealth Management LLC lessened its position in Bank of America Co. (NYSE:BAC) by 1.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 115,481 shares of the financial services provider’s stock after selling 1,649 shares during the period. SeaCrest Wealth Management LLC’s holdings in Bank of America were worth $3,500,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in BAC. Fiduciary Planning LLC acquired a new position in Bank of America during the 3rd quarter valued at about $26,000. Marshall & Sullivan Inc. WA bought a new position in shares of Bank of America during the 3rd quarter valued at about $27,000. Clark Financial Advisors bought a new position in shares of Bank of America during the 4th quarter valued at about $29,000. Diversified LLC bought a new position in shares of Bank of America during the 4th quarter valued at about $29,000. Finally, Kathmere Capital Management LLC bought a new position in shares of Bank of America during the 3rd quarter valued at about $31,000. 68.10% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts have recently weighed in on BAC shares. Daiwa Capital Markets initiated coverage on shares of Bank of America in a research report on Wednesday, January 6th. They set a “neutral” rating and a $31.00 price objective for the company. Barclays raised their target price on shares of Bank of America from $33.00 to $39.00 and gave the stock an “overweight” rating in a report on Monday, January 4th. Atlantic Securities upgraded shares of Bank of America from a “neutral” rating to an “overweight” rating and set a $40.00 target price for the company in a report on Tuesday, January 26th. UBS Group set a $30.00 target price on shares of Bank of America and gave the stock a “neutral” rating in a report on Tuesday, January 19th. Finally, Royal Bank of Canada raised their price target on shares of Bank of America from $28.00 to $37.00 and gave the stock an “outperform” rating in a report on Wednesday, January 20th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and sixteen have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $33.13.
Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, January 19th. The financial services provider reported $0.59 EPS for the quarter, beating the Zacks’ consensus estimate of $0.55 by $0.04. Bank of America had a net margin of 19.50% and a return on equity of 8.00%. The company had revenue of $20.10 billion for the quarter, compared to analyst estimates of $20.76 billion. During the same quarter last year, the firm posted $0.74 earnings per share. The company’s quarterly revenue was down 9.9% compared to the same quarter last year. On average, analysts forecast that Bank of America Co. will post 1.84 EPS for the current year.
Bank of America declared that its board has approved a share buyback plan on Tuesday, January 19th that permits the company to repurchase $2.90 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, March 26th. Stockholders of record on Friday, March 5th will be given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.01%. The ex-dividend date is Thursday, March 4th. Bank of America’s dividend payout ratio is 24.49%.
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 Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets segments.
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