XML Financial LLC Has $12.13 Million Position in Bank of America Corporation $BAC

XML Financial LLC cut its stake in Bank of America Corporation (NYSE:BAC) by 3.7% in the third quarter, HoldingsChannel.com reports. The fund owned 235,138 shares of the financial services provider’s stock after selling 9,137 shares during the period. Bank of America makes up 1.0% of XML Financial LLC’s investment portfolio, making the stock its 26th largest position. XML Financial LLC’s holdings in Bank of America were worth $12,131,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Nova Wealth Management Inc. raised its holdings in Bank of America by 75.2% in the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 227 shares during the period. Quaker Wealth Management LLC increased its position in shares of Bank of America by 246.5% in the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after buying an additional 880 shares in the last quarter. RMG Wealth Management LLC acquired a new stake in Bank of America during the 2nd quarter worth $28,000. Steph & Co. lifted its holdings in Bank of America by 224.3% during the third quarter. Steph & Co. now owns 548 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 379 shares in the last quarter. Finally, CGC Financial Services LLC grew its stake in Bank of America by 585.4% in the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 521 shares during the period. Institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on BAC. Morgan Stanley dropped their price target on Bank of America from $70.00 to $68.00 and set an “overweight” rating on the stock in a research report on Friday, December 12th. Citigroup lifted their price target on shares of Bank of America from $58.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. Ameriprise Financial raised shares of Bank of America to a “buy” rating in a research report on Wednesday, October 22nd. Robert W. Baird raised their price objective on shares of Bank of America from $52.00 to $56.00 and gave the stock a “neutral” rating in a report on Thursday, October 30th. Finally, Wolfe Research upped their target price on shares of Bank of America from $57.00 to $58.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 7th. Twenty-three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $58.59.

Bank of America Stock Performance

Shares of BAC opened at $54.98 on Thursday. The stock has a market capitalization of $401.49 billion, a price-to-earnings ratio of 14.98 and a beta of 1.30. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $56.54. The firm has a fifty day simple moving average of $53.67 and a 200 day simple moving average of $50.48. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping the consensus estimate of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The firm had revenue of $5.35 billion for the quarter, compared to analysts’ expectations of $27.05 billion. During the same period in the previous year, the firm posted $0.81 EPS. The company’s revenue for the quarter was up 10.8% on a year-over-year basis. Research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 26th. Investors of record on Friday, December 5th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, December 5th. This represents a $1.12 annualized dividend and a yield of 2.0%. Bank of America’s dividend payout ratio is 30.52%.

Bank of America Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.