Brandywine Oak Private Wealth LLC Decreases Stock Holdings in Bank of America Co. (NYSE:BAC)

Brandywine Oak Private Wealth LLC reduced its position in shares of Bank of America Co. (NYSE:BAC) by 13.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,606 shares of the financial services provider’s stock after selling 1,450 shares during the period. Brandywine Oak Private Wealth LLC’s holdings in Bank of America were worth $323,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of BAC. Northern Trust Corp raised its stake in Bank of America by 2.1% during the 3rd quarter. Northern Trust Corp now owns 67,648,727 shares of the financial services provider’s stock worth $1,852,222,000 after acquiring an additional 1,397,469 shares in the last quarter. Barclays PLC increased its stake in Bank of America by 97.3% in the third quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock valued at $1,130,538,000 after purchasing an additional 20,362,295 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Bank of America by 1.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 40,518,019 shares of the financial services provider’s stock valued at $1,109,383,000 after purchasing an additional 746,756 shares during the period. California Public Employees Retirement System increased its stake in Bank of America by 5.9% in the fourth quarter. California Public Employees Retirement System now owns 22,538,500 shares of the financial services provider’s stock valued at $758,871,000 after purchasing an additional 1,250,096 shares during the period. Finally, Pzena Investment Management LLC increased its stake in Bank of America by 28.7% in the third quarter. Pzena Investment Management LLC now owns 19,430,142 shares of the financial services provider’s stock valued at $531,997,000 after purchasing an additional 4,335,882 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

BAC has been the topic of several analyst reports. Wolfe Research raised shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price on the stock in a report on Friday, April 19th. Keefe, Bruyette & Woods boosted their price objective on shares of Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a report on Friday, April 5th. Odeon Capital Group downgraded shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective on the stock. in a report on Tuesday, January 16th. Citigroup boosted their price objective on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday, March 20th. Finally, Evercore ISI boosted their price objective on shares of Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $38.70.

Bank of America Stock Performance

Shares of BAC stock opened at $36.95 on Thursday. Bank of America Co. has a one year low of $24.96 and a one year high of $38.49. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The company has a 50 day moving average price of $36.33 and a 200 day moving average price of $32.98. The firm has a market capitalization of $291.56 billion, a price-to-earnings ratio of 12.79, a price-to-earnings-growth ratio of 1.66 and a beta of 1.37.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. During the same quarter in the prior year, the business posted $0.94 earnings per share. Bank of America’s revenue for the quarter was down 1.7% compared to the same quarter last year. Sell-side analysts anticipate that Bank of America Co. will post 3.19 EPS for the current year.

Bank of America Dividend Announcement

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 given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.60%. The ex-dividend date is Friday, June 7th. Bank of America’s payout ratio 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.