Orion Capital Management LLC Has $950,000 Position in Bank of America Co. (NYSE:BAC)

Orion Capital Management LLC lowered its position in Bank of America Co. (NYSE:BAC) by 2.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 28,229 shares of the financial services provider’s stock after selling 590 shares during the quarter. Orion Capital Management LLC’s holdings in Bank of America were worth $950,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in BAC. Brookstone Capital Management lifted its stake in Bank of America by 97.4% in the third quarter. Brookstone Capital Management now owns 158,100 shares of the financial services provider’s stock valued at $4,262,000 after acquiring an additional 78,012 shares during the last quarter. Vicus Capital lifted its stake in shares of Bank of America by 13.8% during the 3rd quarter. Vicus Capital now owns 11,502 shares of the financial services provider’s stock worth $315,000 after buying an additional 1,397 shares during the last quarter. Hoey Investments Inc. lifted its stake in shares of Bank of America by 4.0% during the 3rd quarter. Hoey Investments Inc. now owns 248,038 shares of the financial services provider’s stock worth $6,791,000 after buying an additional 9,508 shares during the last quarter. Verus Financial Partners Inc. lifted its stake in shares of Bank of America by 3.5% during the 3rd quarter. Verus Financial Partners Inc. now owns 11,936 shares of the financial services provider’s stock worth $319,000 after buying an additional 400 shares during the last quarter. Finally, Tectonic Advisors LLC lifted its stake in shares of Bank of America by 5.0% during the 3rd quarter. Tectonic Advisors LLC now owns 23,822 shares of the financial services provider’s stock worth $652,000 after buying an additional 1,136 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of Bank of America stock traded up $0.37 during midday trading on Wednesday, hitting $37.38. 21,945,661 shares of the company traded hands, compared to its average volume of 40,871,688. The stock has a market cap of $294.95 billion, a price-to-earnings ratio of 12.78, a PEG ratio of 1.68 and a beta of 1.39. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The firm’s fifty day moving average price is $36.26 and its 200-day moving average price is $32.95. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $38.49.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.06. The company had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm’s revenue was down 1.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.94 EPS. As a group, sell-side analysts forecast that Bank of America Co. will post 3.19 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.57%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. UBS Group restated a “neutral” rating and set a $40.00 target price (up previously from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. HSBC restated a “hold” rating and set a $39.00 target price (up previously from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Wells Fargo & Company lifted their price objective on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Jefferies Financial Group lifted their price objective on shares of Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research note on Monday, April 8th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a research note on Friday, April 5th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America has a consensus rating of “Hold” and an average target price of $38.59.

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.