Bank of America Co. (NYSE:BAC) Shares Sold by Investment House LLC

Investment House LLC reduced its position in Bank of America Co. (NYSE:BAC) by 9.3% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 201,266 shares of the financial services provider’s stock after selling 20,532 shares during the quarter. Investment House LLC’s holdings in Bank of America were worth $6,777,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Fortis Group Advisors LLC acquired a new stake in shares of Bank of America in the 3rd quarter worth $25,000. Glass Jacobson Investment Advisors llc boosted its holdings in Bank of America by 98.1% during the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 504 shares during the period. Criterion Capital Advisors LLC purchased a new position in Bank of America during the 4th quarter valued at about $32,000. ZRC Wealth Management LLC boosted its holdings in Bank of America by 192.3% during the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 750 shares during the period. Finally, Private Ocean LLC boosted its holdings in Bank of America by 34.0% during the 4th 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. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Performance

BAC traded down $0.08 during trading hours on Monday, hitting $37.75. The company’s stock had a trading volume of 12,241,285 shares, compared to its average volume of 41,078,910. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $38.49. 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 firm has a market capitalization of $297.87 billion, a PE ratio of 13.06, a PEG ratio of 1.69 and a beta of 1.39. The company has a 50-day simple moving average of $36.13 and a 200 day simple moving average of $32.80.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The firm had revenue of $25.82 billion during the quarter, compared to analyst estimates 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 quarterly revenue was down 1.7% on a year-over-year basis. During the same period last year, the company posted $0.94 EPS. As a group, sell-side analysts expect that Bank of America Co. will post 3.19 EPS for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.54%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s payout ratio is 33.22%.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Oppenheimer lowered their target price on Bank of America from $46.00 to $45.00 and set an “outperform” rating for the company in a report on Wednesday, April 17th. 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 note on Thursday, April 4th. HSBC reiterated a “hold” rating and issued a $39.00 price objective (up previously from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Keefe, Bruyette & Woods lifted their price objective on Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a research note on Friday, April 5th. Finally, Jefferies Financial Group lifted their price objective on Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research note on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America has an average rating of “Hold” and a consensus target price of $38.53.

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.