Uncommon Cents Investing LLC Reduces Stock Holdings in Bank of America Co. (NYSE:BAC)

Uncommon Cents Investing LLC reduced its holdings in Bank of America Co. (NYSE:BAC) by 6.0% during the 4th quarter, Holdings Channel reports. The fund owned 24,713 shares of the financial services provider’s stock after selling 1,573 shares during the period. Uncommon Cents Investing LLC’s holdings in Bank of America were worth $832,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also made changes to their positions in BAC. Fort Sheridan Advisors LLC increased its stake in Bank of America by 0.8% in the 4th quarter. Fort Sheridan Advisors LLC now owns 39,526 shares of the financial services provider’s stock valued at $1,309,000 after buying an additional 303 shares during the period. Selective Wealth Management Inc. boosted its position 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 worth $586,000 after purchasing an additional 334 shares in the last quarter. Fort Point Capital Partners LLC boosted its position in shares of Bank of America by 2.2% during the 1st quarter. Fort Point Capital Partners LLC now owns 15,918 shares of the financial services provider’s stock worth $656,000 after purchasing an additional 336 shares in the last quarter. Morton Capital Management LLC CA boosted its position in shares of Bank of America by 3.3% during the 4th quarter. Morton Capital Management LLC CA now owns 10,628 shares of the financial services provider’s stock worth $358,000 after purchasing an additional 341 shares in the last quarter. Finally, Sweet Financial Partners LLC boosted its position in shares of Bank of America by 1.8% during the 4th quarter. Sweet Financial Partners LLC now owns 19,529 shares of the financial services provider’s stock worth $658,000 after purchasing an additional 344 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on BAC shares. Wells Fargo & Company boosted their target price on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research report on Thursday. Oppenheimer decreased their target price on shares of Bank of America from $50.00 to $46.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 19th. Citigroup boosted their target price on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 20th. HSBC reiterated a “hold” rating and issued a $39.00 price objective (up from $38.00) on shares of Bank of America in a research report on Thursday. Finally, Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and boosted 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, six have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $36.15.

Bank of America Trading Up 0.3 %

Shares of NYSE BAC traded up $0.11 on Thursday, reaching $37.92. 42,116,296 shares of the company traded hands, compared to its average volume of 41,135,176. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $38.00. The company has a 50 day moving average of $34.47 and a 200 day moving average of $31.31. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15. The stock has a market capitalization of $299.21 billion, a PE ratio of 12.35, a P/E/G ratio of 1.70 and a beta of 1.38.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.01. The company had revenue of $22 billion during the quarter, compared to the consensus estimate of $23.70 billion. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The company’s quarterly revenue was down 10.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.85 EPS. On average, equities research analysts forecast that Bank of America Co. will post 3.11 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 1st will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.53%. The ex-dividend date is Thursday, February 29th. 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.