W.G. Shaheen & Associates DBA Whitney & Co lowered its position in Bank of America Corp (NYSE:BAC) by 11.2% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 27,358 shares of the financial services provider’s stock after selling 3,441 shares during the period. W.G. Shaheen & Associates DBA Whitney & Co’s holdings in Bank of America were worth $790,000 at the end of the most recent quarter.
Other institutional investors have also recently modified their holdings of the company. NewSquare Capital LLC boosted its holdings in shares of Bank of America by 50.0% during the fourth quarter. NewSquare Capital LLC now owns 1,500 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 500 shares during the period. Intercontinental Wealth Advisors LLC acquired a new stake in Bank of America during the 4th quarter worth about $41,000. Private Ocean LLC raised its holdings in Bank of America by 131.9% during the 4th quarter. Private Ocean LLC now owns 1,679 shares of the financial services provider’s stock worth $41,000 after buying an additional 955 shares during the period. Mackey Komara & Dankovich LLC acquired a new stake in Bank of America during the 4th quarter worth about $54,000. Finally, Financial Gravity Companies Inc. acquired a new stake in Bank of America during the 4th quarter worth about $54,000. 64.22% of the stock is owned by institutional investors.
Several brokerages recently commented on BAC. ValuEngine cut Bank of America from a “hold” rating to a “sell” rating in a research note on Friday, March 1st. Wells Fargo & Co set a $36.00 target price on Bank of America and gave the stock a “buy” rating in a report on Wednesday, January 16th. Credit Suisse Group cut their price target on Bank of America from $36.00 to $35.00 and set an “outperform” rating for the company in a report on Friday, December 7th. Daiwa Capital Markets lowered Bank of America from an “outperform” rating to a “market perform” rating in a research note on Friday, February 8th. Finally, Edward Jones upgraded Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, January 9th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $33.18.
Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, January 16th. The financial services provider reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. The firm had revenue of $22.89 billion for the quarter, compared to analyst estimates of $22.37 billion. Bank of America had a return on equity of 11.66% and a net margin of 25.45%. The business’s revenue was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.48 EPS. As a group, equities research analysts expect that Bank of America Corp will post 2.84 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 1st will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.04%. The ex-dividend date of this dividend is Thursday, February 28th. Bank of America’s dividend payout ratio (DPR) is presently 22.99%.
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Bank of America 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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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