Cumberland Partners Ltd Trims Stock Position in Bank of America Co. (NYSE:BAC)

Cumberland Partners Ltd lowered its position in shares of Bank of America Co. (NYSE:BAC) by 4.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 69,595 shares of the financial services provider’s stock after selling 3,200 shares during the period. Cumberland Partners Ltd’s holdings in Bank of America were worth $2,343,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Fortis Group Advisors LLC bought a new stake in shares of Bank of America in the 3rd quarter worth approximately $25,000. Glass Jacobson Investment Advisors llc increased its position in Bank of America by 98.1% during the 3rd 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 period. Criterion Capital Advisors LLC purchased a new position in Bank of America during the 4th quarter valued at $32,000. ZRC Wealth Management LLC grew its position in shares of Bank of America by 192.3% in the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after buying an additional 750 shares during the period. Finally, Private Ocean LLC grew its position in shares of Bank of America by 34.0% in the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after buying an additional 325 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Bank of America Trading Up 1.7 %

Shares of Bank of America stock traded up $0.64 during mid-day trading on Tuesday, hitting $38.37. The stock had a trading volume of 39,159,885 shares, compared to its average volume of 41,775,906. The firm has a 50-day moving average of $35.88 and a two-hundred day moving average of $32.57. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $38.42. The firm has a market cap of $302.72 billion, a P/E ratio of 13.28, a price-to-earnings-growth ratio of 1.66 and a beta of 1.39.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The company had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.94 EPS. Sell-side analysts forecast that Bank of America Co. will post 3.17 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.50%. The ex-dividend date of this dividend was Thursday, February 29th. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Jefferies Financial Group raised their price objective on shares of Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research note on Monday, April 8th. HSBC reissued a “hold” rating and issued a $39.00 price objective (up previously from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Citigroup lifted their price target on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a report on Wednesday, March 20th. Oppenheimer reduced their price objective on shares of Bank of America from $46.00 to $45.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 17th. Finally, Evercore ISI boosted their price target on shares of Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, Bank of America has an average rating of “Hold” and a consensus price target of $38.53.

Bank of America 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.