McAdam LLC Has $331,000 Holdings in Bank of America Co. (NYSE:BAC)

McAdam LLC decreased its stake in shares of Bank of America Co. (NYSE:BAC) by 13.3% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 9,825 shares of the financial services provider’s stock after selling 1,510 shares during the period. McAdam LLC’s holdings in Bank of America were worth $331,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Fortis Group Advisors LLC bought a new stake in shares of Bank of America in the 3rd quarter worth approximately $25,000. Criterion Capital Advisors LLC purchased a new stake in Bank of America in the 4th quarter worth about $32,000. Glass Jacobson Investment Advisors llc boosted its stake in Bank of America by 98.1% in the 3rd 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 during the period. ZRC Wealth Management LLC increased its position 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 period. Finally, Private Ocean LLC boosted its position in shares of Bank of America by 34.0% in the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 325 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 0.7 %

NYSE BAC opened at $37.56 on Tuesday. The stock has a 50-day moving average of $36.20 and a 200-day moving average of $32.88. The firm has a market cap of $296.37 billion, a PE ratio of 13.00, a price-to-earnings-growth 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 Co. has a 1-year low of $24.96 and a 1-year high of $38.49.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping 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 business had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. During the same period last year, the business posted $0.94 earnings per share. Bank of America’s quarterly revenue was down 1.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Bank of America Co. will post 3.19 EPS for the current year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be paid a $0.24 dividend. The ex-dividend date is Friday, June 7th. This represents a $0.96 annualized dividend and a yield of 2.56%. Bank of America’s payout ratio is 33.22%.

Analyst Ratings Changes

Several analysts have issued reports on the stock. HSBC reiterated a “hold” rating and issued a $39.00 target price (up from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. UBS Group reiterated a “neutral” rating and issued a $40.00 price objective (up previously from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Jefferies Financial Group upped their target price on Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research note on Monday, April 8th. Oppenheimer lifted their price target on Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Tuesday. Finally, Odeon Capital Group cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective on the stock. in a research report on Tuesday, January 16th. 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 stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $38.59.

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.