Bank of America Co. (NYSE:BAC) Shares Sold by Colonial River Wealth Management LLC

Colonial River Wealth Management LLC cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 33.5% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 22,999 shares of the financial services provider’s stock after selling 11,564 shares during the quarter. Colonial River Wealth Management LLC’s holdings in Bank of America were worth $774,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Fort Sheridan Advisors LLC increased its stake in shares of Bank of America by 0.8% in the fourth quarter. Fort Sheridan Advisors LLC now owns 39,526 shares of the financial services provider’s stock worth $1,309,000 after acquiring an additional 303 shares during the last quarter. Regent Peak Wealth Advisors LLC increased its position in Bank of America by 3.2% in the 4th quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock worth $336,000 after purchasing an additional 314 shares during the last quarter. Private Ocean LLC raised its stake in shares of Bank of America by 34.0% during the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 325 shares in the last quarter. Selective Wealth Management Inc. lifted its holdings in shares of Bank of America by 2.0% during the 4th quarter. Selective Wealth Management Inc. now owns 17,351 shares of the financial services provider’s stock valued at $586,000 after buying an additional 334 shares during the last quarter. Finally, Fort Point Capital Partners LLC grew its stake in shares of Bank of America by 2.2% in the 1st quarter. Fort Point Capital Partners LLC now owns 15,918 shares of the financial services provider’s stock valued at $656,000 after buying an additional 336 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of BAC traded down $0.22 during mid-day trading on Tuesday, hitting $37.30. The company’s stock had a trading volume of 33,961,769 shares, compared to its average volume of 40,920,441. The stock’s 50-day moving average is $34.80 and its two-hundred day moving average is $31.51. The firm has a market capitalization of $294.32 billion, a PE ratio of 12.15, a price-to-earnings-growth ratio of 1.75 and a beta of 1.39. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.80 and a current ratio of 0.80. Bank of America Co. has a one year low of $24.96 and a one year high of $38.35.

Bank of America (NYSE:BACGet Free Report) last released its earnings results on Friday, January 12th. The financial services provider reported $0.70 EPS for the quarter, beating the consensus estimate of $0.69 by $0.01. The firm had revenue of $22 billion during the quarter, compared to analysts’ expectations of $23.70 billion. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The business’s quarterly revenue was down 10.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.85 EPS. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.1 EPS for the current year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.57%. The ex-dividend date was Thursday, February 29th. Bank of America’s payout ratio is presently 31.27%.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Odeon Capital Group cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price for the company. in a research note on Tuesday, January 16th. HSBC reiterated a “hold” rating and issued a $39.00 price objective (up from $38.00) on shares of Bank of America in a report on Thursday, March 28th. BMO Capital Markets cut their target price on Bank of America from $37.00 to $36.00 and set a “market perform” rating on the stock in a report on Tuesday, January 16th. Oppenheimer lowered their price objective on Bank of America from $50.00 to $46.00 and set an “outperform” rating on the stock in a report on Tuesday, March 19th. Finally, Wells Fargo & Company raised their price objective on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $36.15.

View Our Latest Stock Analysis on BAC

Bank of America Company Profile

(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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Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Co. (NYSE:BACFree Report).

Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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