Atalanta Sosnoff Capital LLC reduced its position in Bank of America Co. (NYSE:BAC - Free Report) by 74.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,074 shares of the financial services provider's stock after selling 29,647 shares during the period. Atalanta Sosnoff Capital LLC's holdings in Bank of America were worth $443,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in the business. Lederer & Associates Investment Counsel CA grew its position in shares of Bank of America by 1.1% during the 4th quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider's stock worth $879,000 after buying an additional 217 shares during the period. Avalon Trust Co raised its position in Bank of America by 14.6% in the 4th quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider's stock valued at $76,000 after buying an additional 219 shares during the last quarter. Prossimo Advisors LLC lifted its position in shares of Bank of America by 2.5% in the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider's stock worth $390,000 after purchasing an additional 220 shares in the last quarter. Marino Stram & Associates LLC raised its holdings in Bank of America by 1.7% during the fourth quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider's stock worth $580,000 after acquiring an additional 222 shares in the last quarter. Finally, Keudell Morrison Wealth Management increased its holdings in Bank of America by 2.8% during the fourth quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider's stock worth $364,000 after buying an additional 223 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.
Bank of America Price Performance
Shares of BAC traded up $0.03 during mid-day trading on Monday, hitting $41.10. The company's stock had a trading volume of 32,819,712 shares, compared to its average volume of 39,252,015. Bank of America Co. has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The stock has a market capitalization of $312.47 billion, a price-to-earnings ratio of 12.76, a PEG ratio of 1.21 and a beta of 1.27. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a 50-day moving average price of $40.01 and a 200 day moving average price of $43.53.
Bank of America (NYSE:BAC - Get Free Report) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. The business had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. On average, research analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.
Bank of America Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be paid a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.53%. Bank of America's payout ratio is 30.95%.
Analyst Ratings Changes
BAC has been the subject of several recent research reports. Evercore ISI cut their price target on Bank of America from $51.00 to $48.00 and set an "outperform" rating for the company in a research note on Tuesday, April 1st. Hsbc Global Res raised shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, January 7th. Phillip Securities raised Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research note on Thursday, April 17th. Keefe, Bruyette & Woods reduced their target price on Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a research note on Wednesday, April 16th. Finally, Argus decreased their price objective on Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $47.25.
Check Out Our Latest Stock Analysis on BAC
About Bank of America
(
Free Report)
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.
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