Investment House LLC Reduces Stake in Bank of America Co. (NYSE:BAC)

Investment House LLC lowered its stake in Bank of America Co. (NYSE:BAC) by 9.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 201,266 shares of the financial services provider’s stock after selling 20,532 shares during the period. Investment House LLC’s holdings in Bank of America were worth $6,777,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of BAC. Fortis Group Advisors LLC bought a new stake in shares of Bank of America during the third quarter valued at approximately $25,000. Glass Jacobson Investment Advisors llc increased its position in shares of Bank of America by 98.1% during the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 504 shares in the last quarter. Criterion Capital Advisors LLC acquired a new position in shares of Bank of America during the fourth quarter worth $32,000. ZRC Wealth Management LLC grew its holdings in shares of Bank of America by 192.3% during the fourth quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after buying an additional 750 shares during the last quarter. Finally, Private Ocean LLC grew its holdings in shares of Bank of America by 34.0% during the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after buying an additional 325 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 0.2 %

BAC traded down $0.08 during trading on Monday, hitting $37.75. The company’s stock had a trading volume of 12,241,285 shares, compared to its average volume of 41,078,910. The firm’s 50 day moving average price is $36.13 and its 200-day moving average price is $32.80. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The stock has a market cap of $297.87 billion, a PE ratio of 13.06, a PEG ratio of 1.69 and a beta of 1.39. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $38.49.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. During the same period in the previous year, the company earned $0.94 EPS. The business’s quarterly revenue was down 1.7% compared to the same quarter last year. On average, analysts expect that Bank of America Co. will post 3.19 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a yield of 2.54%. Bank of America’s dividend payout ratio (DPR) is 33.22%.

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of research analyst reports. HSBC reissued a “hold” rating and set a $39.00 price objective (up from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Oppenheimer cut their price objective on Bank of America from $46.00 to $45.00 and set an “outperform” rating for the company in a research report on Wednesday, April 17th. Keefe, Bruyette & Woods upped their price target on shares of Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a research report on Friday, April 5th. Barclays increased their target price on Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. Finally, Odeon Capital Group cut Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target for the company. in a research report on Tuesday, January 16th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $38.53.

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.