Harmony Asset Management LLC Sells 29,435 Shares of Bank of America Co. (NYSE:BAC)

Harmony Asset Management LLC lessened its holdings in shares of Bank of America Co. (NYSE:BAC) by 64.3% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 16,334 shares of the financial services provider's stock after selling 29,435 shares during the quarter. Harmony Asset Management LLC's holdings in Bank of America were worth $718,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. DCM Advisors LLC raised its position in Bank of America by 7.5% during the fourth quarter. DCM Advisors LLC now owns 200,656 shares of the financial services provider's stock valued at $8,802,000 after acquiring an additional 13,945 shares in the last quarter. Monograph Wealth Advisors LLC bought a new position in Bank of America during the fourth quarter valued at approximately $207,000. Novem Group bought a new position in Bank of America during the fourth quarter valued at approximately $339,000. Castleark Management LLC bought a new position in Bank of America during the fourth quarter valued at approximately $8,495,000. Finally, MidWestOne Financial Group Inc. raised its position in Bank of America by 1.5% during the fourth quarter. MidWestOne Financial Group Inc. now owns 20,014 shares of the financial services provider's stock valued at $880,000 after acquiring an additional 300 shares in the last quarter. Institutional investors own 70.71% of the company's stock.

Bank of America Trading Down 3.3%

Shares of Bank of America stock opened at $43.21 on Thursday. The company's fifty day simple moving average is $40.27 and its 200-day simple moving average is $43.59. The company has a market cap of $325.43 billion, a price-to-earnings ratio of 13.42, a PEG ratio of 1.21 and a beta of 1.27. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. As a group, sell-side analysts expect that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be paid a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.41%. Bank of America's dividend payout ratio is currently 30.95%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Evercore ISI cut their price objective on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 1st. JPMorgan Chase & Co. lowered their price target on Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a report on Thursday, April 3rd. Baird R W upgraded Bank of America from a "hold" rating to a "strong-buy" rating in a report on Friday, March 7th. Phillip Securities upgraded Bank of America from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. Finally, Keefe, Bruyette & Woods lowered their price target on Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a report on Wednesday, April 16th. One analyst has rated the stock with a sell rating, six have issued a hold rating, seventeen have given a buy rating and four have issued a strong buy rating to the company's stock. According to MarketBeat.com, Bank of America has an average rating of "Moderate Buy" and a consensus target price of $47.50.

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.

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