Aspire Private Capital LLC Lowers Holdings in Bank of America Co. (NYSE:BAC)

Aspire Private Capital LLC cut its holdings in Bank of America Co. (NYSE:BAC) by 54.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,774 shares of the financial services provider’s stock after selling 12,902 shares during the period. Aspire Private Capital LLC’s holdings in Bank of America were worth $363,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in BAC. Summit Global Investments raised its holdings in shares of Bank of America by 17.9% during the 3rd quarter. Summit Global Investments now owns 21,862 shares of the financial services provider’s stock worth $599,000 after acquiring an additional 3,312 shares in the last quarter. Naples Global Advisors LLC raised its holdings in shares of Bank of America by 9.0% during the 3rd quarter. Naples Global Advisors LLC now owns 28,086 shares of the financial services provider’s stock worth $769,000 after acquiring an additional 2,316 shares in the last quarter. Onyx Bridge Wealth Group LLC raised its holdings in shares of Bank of America by 34.3% during the 3rd quarter. Onyx Bridge Wealth Group LLC now owns 11,282 shares of the financial services provider’s stock worth $309,000 after acquiring an additional 2,879 shares in the last quarter. Impact Partnership Wealth LLC raised its holdings in shares of Bank of America by 879.9% during the 3rd quarter. Impact Partnership Wealth LLC now owns 2,244 shares of the financial services provider’s stock worth $61,000 after acquiring an additional 2,015 shares in the last quarter. Finally, 1900 Wealth Management LLC purchased a new stake in Bank of America during the 3rd quarter valued at $402,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently weighed in on BAC. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. Citigroup increased their price target on Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a report on Wednesday, March 20th. Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price target on the stock in a report on Friday. UBS Group restated a “neutral” rating and set a $40.00 price target (up previously from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Finally, Oppenheimer decreased their price target on Bank of America from $46.00 to $45.00 and set an “outperform” rating on the stock in a report on Wednesday, April 17th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $38.53.

Bank of America Stock Up 1.4 %

Shares of BAC traded up $0.54 during midday trading on Tuesday, reaching $38.27. 12,369,684 shares of the stock were exchanged, compared to its average volume of 41,412,789. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $38.35. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The company’s 50 day moving average is $35.77 and its two-hundred day moving average is $32.48. The company has a market capitalization of $301.97 billion, a P/E ratio of 13.25, a PEG ratio of 1.66 and a beta of 1.39.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $25.49 billion. During the same quarter in the prior year, the company earned $0.94 EPS. The business’s revenue was down 1.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Bank of America Co. will post 3.17 earnings per share for the current 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 given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date was Thursday, February 29th. Bank of America’s payout ratio is currently 33.22%.

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.