Bank of America Co. (NYSE:BAC) Stock Holdings Decreased by McAdam LLC

McAdam LLC lessened its position in Bank of America Co. (NYSE:BAC) by 13.3% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 9,825 shares of the financial services provider’s stock after selling 1,510 shares during the quarter. McAdam LLC’s holdings in Bank of America were worth $331,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BAC. Mitchell Mcleod Pugh & Williams Inc. boosted its position in shares of Bank of America by 0.7% in the fourth quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 52,480 shares of the financial services provider’s stock worth $1,767,000 after buying an additional 368 shares during the period. Mather Group LLC. lifted its stake in Bank of America by 15.8% in the 4th quarter. Mather Group LLC. now owns 34,085 shares of the financial services provider’s stock worth $1,148,000 after acquiring an additional 4,661 shares in the last quarter. Gilbert & Cook Inc. boosted its position in Bank of America by 4.0% during the 4th quarter. Gilbert & Cook Inc. now owns 17,388 shares of the financial services provider’s stock worth $585,000 after acquiring an additional 662 shares during the period. Eagle Wealth Strategies LLC purchased a new position in Bank of America during the 4th quarter valued at about $323,000. Finally, Blue Chip Partners LLC lifted its position in Bank of America by 2.6% in the 4th quarter. Blue Chip Partners LLC now owns 657,443 shares of the financial services provider’s stock worth $22,136,000 after buying an additional 16,650 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective for the company in a report on Friday, April 19th. UBS Group reaffirmed a “neutral” rating and set a $40.00 price target (up from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. HSBC reiterated a “hold” rating and set a $39.00 price target (up from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. Finally, Jefferies Financial Group lifted their target price on shares of 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 research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Bank of America has an average rating of “Hold” and an average price target of $38.59.

Bank of America Stock Down 0.7 %

BAC opened at $37.56 on Tuesday. The stock has a market capitalization of $296.37 billion, a price-to-earnings ratio of 13.00, a P/E/G ratio of 1.69 and a beta of 1.39. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $38.49. The business has a 50 day moving average of $36.20 and a 200-day moving average of $32.88. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last released its earnings results 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. The business had revenue of $25.82 billion for 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 for the quarter was down 1.7% compared to the same quarter last year. During the same period last year, the business earned $0.94 earnings per share. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.19 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.56%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s dividend 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.