Parkside Financial Bank & Trust Trims Holdings in Bank of America Co. (NYSE:BAC)

Parkside Financial Bank & Trust trimmed its holdings in shares of Bank of America Co. (NYSE:BAC) by 5.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 46,702 shares of the financial services provider’s stock after selling 2,567 shares during the quarter. Parkside Financial Bank & Trust’s holdings in Bank of America were worth $1,572,000 as of its most recent SEC filing.

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

Analysts Set New Price Targets

Several research firms have recently commented on BAC. Jefferies Financial Group lifted their price target on shares of Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research report on Monday, April 8th. Barclays upped their target price on shares of Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. Oppenheimer lowered their price objective on shares of Bank of America from $46.00 to $45.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 17th. Morgan Stanley raised Bank of America from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $32.00 to $41.00 in a report on Tuesday, January 30th. Finally, BMO Capital Markets increased their price objective on shares of Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research note on Thursday, April 18th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $38.53.

Bank of America Stock Performance

Shares of NYSE BAC traded up $0.10 during mid-day trading on Wednesday, hitting $38.47. The company had a trading volume of 5,888,577 shares, compared to its average volume of 41,308,422. 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 $303.55 billion, a price-to-earnings ratio of 13.18, a PEG ratio of 1.70 and a beta of 1.39. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $38.50. The firm’s 50 day simple moving average is $35.88 and its two-hundred day simple moving average is $32.57.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.06. The company had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The firm’s revenue was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.94 EPS. As a group, equities research analysts forecast 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. Stockholders of record on Friday, March 1st were paid a $0.24 dividend. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.96 annualized dividend and a dividend yield of 2.50%. Bank of America’s payout ratio is 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.