Beaumont Financial Advisors LLC Decreases Stake in Bank of America Co. (NYSE:BAC)

Beaumont Financial Advisors LLC reduced its position in Bank of America Co. (NYSE:BAC) by 2.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 81,800 shares of the financial services provider’s stock after selling 2,378 shares during the period. Beaumont Financial Advisors LLC’s holdings in Bank of America were worth $2,754,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Moneta Group Investment Advisors LLC lifted its position in shares of Bank of America by 108,111.3% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 193,168,025 shares of the financial services provider’s stock worth $6,397,725,000 after purchasing an additional 192,989,515 shares during the last quarter. Norges Bank bought a new position in shares of Bank of America during the fourth quarter worth about $3,436,543,000. Barclays PLC lifted its position in shares of Bank of America by 97.3% during the third quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock worth $1,130,538,000 after purchasing an additional 20,362,295 shares during the last quarter. Snider Financial Group lifted its position in shares of Bank of America by 9,477.3% during the first quarter. Snider Financial Group now owns 14,448,357 shares of the financial services provider’s stock worth $5,956,000 after purchasing an additional 14,297,496 shares during the last quarter. Finally, Alphinity Investment Management Pty Ltd lifted its position in shares of Bank of America by 1,071.8% during the fourth quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock worth $474,150,000 after purchasing an additional 12,880,492 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Price Performance

Shares of NYSE BAC traded up $1.26 during mid-day trading on Friday, reaching $37.03. 33,580,243 shares of the company traded hands, compared to its average volume of 41,470,281. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $38.35. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.80. The firm has a market cap of $292.19 billion, a PE ratio of 12.81, a price-to-earnings-growth ratio of 1.59 and a beta of 1.39. The stock has a fifty day simple moving average of $35.61 and a 200-day simple moving average of $32.24.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $25.49 billion. During the same quarter last year, the business earned $0.94 earnings per share. The business’s revenue for the quarter was down 1.7% on a year-over-year basis. Equities research analysts anticipate that Bank of America Co. will post 3.16 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were paid a dividend of $0.24 per share. The ex-dividend date was Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.59%. Bank of America’s dividend payout ratio is presently 33.22%.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Wolfe Research raised shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price target on the stock in a research report on Friday. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Odeon Capital Group cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target on the stock. in a research report on Tuesday, January 16th. Evercore ISI raised their target price on shares of Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. Finally, Citigroup raised their target price on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday, March 20th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $38.53.

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.