Investment House LLC Reduces Holdings in Bank of America Co. (NYSE:BAC)


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Investment House LLC trimmed its position in shares of Bank of America Co. (NYSE:BAC) by 3.2% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,151 shares of the financial services provider’s stock after selling 598 shares during the quarter. Investment House LLC’s holdings in Bank of America were worth $550,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Headinvest LLC lifted its position in shares of Bank of America by 2.1% during the third quarter. Headinvest LLC now owns 15,990 shares of the financial services provider’s stock worth $385,000 after purchasing an additional 335 shares during the last quarter. Financial Advisory Service Inc. lifted its position in shares of Bank of America by 1.6% during the third quarter. Financial Advisory Service Inc. now owns 22,625 shares of the financial services provider’s stock worth $545,000 after purchasing an additional 364 shares during the last quarter. Wade G W & Inc. lifted its position in shares of Bank of America by 0.6% during the third quarter. Wade G W & Inc. now owns 67,147 shares of the financial services provider’s stock worth $1,618,000 after purchasing an additional 371 shares during the last quarter. Shorepoint Capital Partners LLC lifted its position in shares of Bank of America by 0.7% during the third quarter. Shorepoint Capital Partners LLC now owns 55,207 shares of the financial services provider’s stock worth $1,330,000 after purchasing an additional 396 shares during the last quarter. Finally, Hunter Associates Investment Management LLC lifted its position in shares of Bank of America by 4.5% during the third quarter. Hunter Associates Investment Management LLC now owns 9,288 shares of the financial services provider’s stock worth $224,000 after purchasing an additional 400 shares during the last quarter. 68.10% of the stock is owned by institutional investors.

Several analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft lifted their target price on Bank of America from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Wednesday, January 6th. Barclays lifted their price objective on Bank of America from $33.00 to $39.00 and gave the company an “overweight” rating in a report on Monday, January 4th. Morgan Stanley downgraded Bank of America from an “overweight” rating to an “underweight” rating in a report on Monday, November 30th. Credit Suisse Group lifted their price objective on Bank of America from $31.00 to $36.00 and gave the company an “outperform” rating in a report on Friday, December 11th. Finally, Daiwa Capital Markets began coverage on Bank of America in a report on Wednesday, January 6th. They issued a “neutral” rating and a $31.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and fifteen have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $31.31.

Shares of BAC stock opened at $33.46 on Thursday. Bank of America Co. has a fifty-two week low of $17.95 and a fifty-two week high of $35.67. The firm has a market capitalization of $289.46 billion, a price-to-earnings ratio of 16.56, a PEG ratio of 2.12 and a beta of 1.59. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.87 and a current ratio of 0.87. The stock’s 50-day simple moving average is $29.85 and its 200-day simple moving average is $26.20.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, October 14th. The financial services provider reported $0.51 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.53 by ($0.02). Bank of America had a return on equity of 8.00% and a net margin of 19.50%. The business had revenue of $20.30 billion for the quarter, compared to analysts’ expectations of $20.88 billion. During the same quarter in the previous year, the firm posted $0.75 EPS. Bank of America’s revenue was down 11.6% on a year-over-year basis. As a group, equities analysts forecast that Bank of America Co. will post 1.81 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 24th. Stockholders of record on Friday, December 4th were paid a dividend of $0.18 per share. The ex-dividend date was Thursday, December 3rd. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.15%. Bank of America’s payout ratio is 24.49%.

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 Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets segments.

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

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