Greatmark Investment Partners Inc. Has $7.72 Million Holdings in Bank of America Co. (NYSE:BAC)

Greatmark Investment Partners Inc. lessened its stake in Bank of America Co. (NYSE:BAC) by 3.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 229,410 shares of the financial services provider’s stock after selling 9,357 shares during the quarter. Bank of America comprises 1.2% of Greatmark Investment Partners Inc.’s investment portfolio, making the stock its 28th biggest position. Greatmark Investment Partners Inc.’s holdings in Bank of America were worth $7,724,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of BAC. Ascent Wealth Partners LLC raised its stake in Bank of America by 5.7% in the third quarter. Ascent Wealth Partners LLC now owns 16,088 shares of the financial services provider’s stock valued at $440,000 after purchasing an additional 869 shares in the last quarter. Atlantic Union Bankshares Corp raised its stake in Bank of America by 6.4% in the third quarter. Atlantic Union Bankshares Corp now owns 194,621 shares of the financial services provider’s stock valued at $5,329,000 after purchasing an additional 11,622 shares in the last quarter. Brookstone Capital Management grew its position in Bank of America by 97.4% in the third quarter. Brookstone Capital Management now owns 158,100 shares of the financial services provider’s stock valued at $4,262,000 after acquiring an additional 78,012 shares during the last quarter. Sumitomo Life Insurance Co. grew its position in Bank of America by 1.8% in the third quarter. Sumitomo Life Insurance Co. now owns 101,454 shares of the financial services provider’s stock valued at $2,778,000 after acquiring an additional 1,766 shares during the last quarter. Finally, PDS Planning Inc grew its position in Bank of America by 10.1% in the third quarter. PDS Planning Inc now owns 24,125 shares of the financial services provider’s stock valued at $661,000 after acquiring an additional 2,221 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

BAC has been the topic of a number of recent analyst reports. UBS Group reiterated a “neutral” rating and issued a $40.00 target price (up previously from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $32.00 to $41.00 in a research report on Tuesday, January 30th. Jefferies Financial Group lifted their target price on Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research report on Monday, April 8th. BMO Capital Markets lifted their target price on Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research report on Thursday, April 18th. Finally, HSBC reiterated a “hold” rating and issued a $39.00 target price (up previously from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $38.53.

Bank of America Trading Down 0.4 %

BAC stock traded down $0.17 during trading on Monday, hitting $37.66. The company had a trading volume of 14,542,797 shares, compared to its average volume of 41,102,180. The business has a 50-day moving average of $36.13 and a 200-day moving average of $32.80. Bank of America Co. has a one year low of $24.96 and a one year high of $38.49. The stock has a market cap of $297.16 billion, a PE ratio of 13.06, a PEG ratio of 1.69 and a beta of 1.39. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. During the same period in the prior year, the business posted $0.94 earnings per share. The firm’s revenue was down 1.7% on a year-over-year basis. Research analysts predict that Bank of America Co. will post 3.19 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.55%. The ex-dividend date is Friday, June 7th. Bank of America’s payout ratio is presently 33.22%.

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.