Private Wealth Partners LLC Cuts Stock Position in Bank of America Co. (NYSE:BAC)

Private Wealth Partners LLC lessened its holdings in Bank of America Co. (NYSE:BAC) by 2.2% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 13,210 shares of the financial services provider’s stock after selling 300 shares during the period. Private Wealth Partners LLC’s holdings in Bank of America were worth $445,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the business. Addison Advisors LLC increased its stake in Bank of America by 6.2% in the 4th quarter. Addison Advisors LLC now owns 14,344 shares of the financial services provider’s stock worth $483,000 after buying an additional 843 shares in the last quarter. Gilliland Jeter Wealth Management LLC purchased a new stake in Bank of America in the 4th quarter worth $2,338,000. Headlands Technologies LLC increased its stake in Bank of America by 2,531.2% in the 4th quarter. Headlands Technologies LLC now owns 131,953 shares of the financial services provider’s stock worth $4,443,000 after buying an additional 126,938 shares in the last quarter. Citizens Financial Group Inc. RI increased its stake in Bank of America by 28.5% in the 4th quarter. Citizens Financial Group Inc. RI now owns 77,273 shares of the financial services provider’s stock worth $2,602,000 after buying an additional 17,133 shares in the last quarter. Finally, Heritage Financial Services LLC boosted its holdings in shares of Bank of America by 21.9% during the 4th quarter. Heritage Financial Services LLC now owns 9,193 shares of the financial services provider’s stock valued at $310,000 after purchasing an additional 1,649 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on BAC. Keefe, Bruyette & Woods increased their price objective on shares of Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a report on Friday, April 5th. Oppenheimer dropped their price objective on shares of Bank of America from $46.00 to $45.00 and set an “outperform” rating for the company in a report on Wednesday, April 17th. Evercore ISI increased their price objective on shares of Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a report on Thursday, April 4th. Wells Fargo & Company increased their price objective on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. Finally, Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $32.00 to $41.00 in a report on Tuesday, January 30th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $38.53.

Bank of America Trading Down 0.2 %

Bank of America stock traded down $0.08 during midday trading on Friday, reaching $37.83. The stock had a trading volume of 28,668,680 shares, compared to its average volume of 40,953,860. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $38.49. The firm has a market cap of $298.50 billion, a price-to-earnings ratio of 13.09, a price-to-earnings-growth ratio of 1.69 and a beta of 1.39. The company has a fifty day moving average of $36.13 and a 200 day moving average of $32.76.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping 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 company had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. During the same period in the prior year, the company posted $0.94 EPS. The firm’s revenue for the quarter was down 1.7% on a year-over-year basis. On average, analysts anticipate that Bank of America Co. will post 3.19 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

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

Bank of America Company 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.