Bank of America Co. (NYSE:BAC) Shares Sold by Lincoln Capital Corp

Lincoln Capital Corp lowered its position in shares of Bank of America Co. (NYSE:BAC) by 3.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 69,637 shares of the financial services provider’s stock after selling 2,830 shares during the quarter. Bank of America makes up about 1.2% of Lincoln Capital Corp’s holdings, making the stock its 23rd largest holding. Lincoln Capital Corp’s holdings in Bank of America were worth $2,345,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in BAC. Fortis Group Advisors LLC acquired a new stake in shares of Bank of America in the third quarter valued at approximately $25,000. Castleview Partners LLC acquired a new stake in shares of Bank of America in the first quarter valued at approximately $28,000. Glass Jacobson Investment Advisors llc increased its holdings in shares of Bank of America by 98.1% in the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 504 shares during the last quarter. ZRC Wealth Management LLC increased its holdings in shares of Bank of America by 192.3% in the fourth quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 750 shares during the last quarter. Finally, Live Oak Investment Partners acquired a new stake in shares of Bank of America in the fourth quarter valued at approximately $39,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on BAC. Barclays increased their price target on Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. Odeon Capital Group lowered Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective for the company. in a research report on Tuesday, January 16th. The Goldman Sachs Group increased their price objective on Bank of America from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Friday, December 1st. Citigroup increased their price objective on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 20th. Finally, Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $32.00 to $41.00 in a research report on Tuesday, January 30th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and a consensus target price of $35.65.

Bank of America Stock Up 2.0 %

NYSE:BAC traded up $0.74 during midday trading on Wednesday, reaching $37.83. The company had a trading volume of 36,334,959 shares, compared to its average volume of 41,116,594. The firm has a market capitalization of $298.50 billion, a price-to-earnings ratio of 12.32, a PEG ratio of 1.69 and a beta of 1.38. The stock’s fifty day simple moving average is $34.35 and its 200-day simple moving average is $31.26. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $37.85. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15.

Bank of America (NYSE:BAC) last released its earnings results on Friday, January 12th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.01. The firm had revenue of $22 billion during the quarter, compared to analyst estimates of $23.70 billion. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. Bank of America’s revenue was down 10.2% compared to the same quarter last year. During the same period last year, the business posted $0.85 earnings per share. On average, sell-side analysts anticipate that Bank of America Co. will post 3.12 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 1st will be issued a $0.24 dividend. The ex-dividend date of this dividend is Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a yield of 2.54%. Bank of America’s dividend payout ratio (DPR) is presently 31.27%.

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.