Graham Capital Management L.P. Has $6.05 Million Holdings in Bank of America Co. (NYSE:BAC)

Graham Capital Management L.P. decreased its position in Bank of America Co. (NYSE:BAC - Free Report) by 68.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 137,585 shares of the financial services provider's stock after selling 303,830 shares during the quarter. Graham Capital Management L.P.'s holdings in Bank of America were worth $6,047,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of BAC. Collier Financial purchased a new stake in Bank of America in the fourth quarter valued at $25,000. Life Planning Partners Inc grew its holdings in Bank of America by 3,883.2% during the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock worth $25,000 after acquiring an additional 545,936 shares in the last quarter. Graney & King LLC purchased a new stake in Bank of America in the 4th quarter valued at $25,000. Fairway Wealth LLC acquired a new position in Bank of America during the fourth quarter worth $29,000. Finally, Marshall & Sterling Wealth Advisors Inc. acquired a new stake in shares of Bank of America during the fourth quarter valued at $31,000. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on BAC. Cfra Research increased their price target on Bank of America to $47.00 and gave the stock a "buy" rating in a research report on Wednesday, April 16th. JPMorgan Chase & Co. lowered their target price on Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a research report on Thursday, April 3rd. Morgan Stanley boosted their price objective on Bank of America from $54.00 to $56.00 and gave the stock an "equal weight" rating in a research report on Friday, January 17th. Evercore ISI cut their target price on 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. Finally, Royal Bank of Canada reduced their target price on Bank of America from $50.00 to $45.00 and set an "outperform" 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 given a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $47.25.

Bank of America Stock Performance

Shares of BAC traded up $1.56 during midday trading on Monday, reaching $43.35. 44,848,711 shares of the stock were exchanged, compared to its average volume of 39,371,479. The business's 50-day moving average price is $39.69 and its 200 day moving average price is $43.49. The company has a market capitalization of $326.54 billion, a price-to-earnings ratio of 13.46, 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. Bank of America Co. has a twelve month low of $33.07 and a twelve month high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. On average, sell-side analysts expect that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.40%. The ex-dividend date is Friday, June 6th. Bank of America's payout ratio is currently 30.95%.

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.