Perfromance Wealth Partners LLC reduced its position in Bank of America Co. (NYSE:BAC – Get Rating) by 12.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 210,595 shares of the financial services provider’s stock after selling 30,421 shares during the period. Bank of America comprises 0.4% of Perfromance Wealth Partners LLC’s investment portfolio, making the stock its 27th biggest position. Perfromance Wealth Partners LLC’s holdings in Bank of America were worth $6,975,000 at the end of the most recent reporting period.
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Several other hedge funds have also recently bought and sold shares of the company. Congress Park Capital LLC increased its position in Bank of America by 32.0% during the third quarter. Congress Park Capital LLC now owns 43,420 shares of the financial services provider’s stock worth $1,311,000 after buying an additional 10,525 shares in the last quarter. AlphaCrest Capital Management LLC increased its position in Bank of America by 70.5% during the third quarter. AlphaCrest Capital Management LLC now owns 91,399 shares of the financial services provider’s stock worth $2,760,000 after buying an additional 37,794 shares in the last quarter. Virtu Financial LLC increased its position in Bank of America by 211.9% during the second quarter. Virtu Financial LLC now owns 103,594 shares of the financial services provider’s stock worth $3,225,000 after buying an additional 70,379 shares in the last quarter. Chilton Investment Co. Inc. increased its position in Bank of America by 64.4% during the second quarter. Chilton Investment Co. Inc. now owns 18,525 shares of the financial services provider’s stock worth $577,000 after buying an additional 7,254 shares in the last quarter. Finally, SRS Capital Advisors Inc. increased its position in Bank of America by 80.6% during the second quarter. SRS Capital Advisors Inc. now owns 8,137 shares of the financial services provider’s stock worth $253,000 after buying an additional 3,632 shares in the last quarter. 68.34% of the stock is owned by hedge funds and other institutional investors.
Insider Transactions at Bank of America
In other news, insider Matthew M. Koder sold 214,745 shares of Bank of America stock in a transaction dated Thursday, February 2nd. The stock was sold at an average price of $35.91, for a total transaction of $7,711,492.95. Following the sale, the insider now directly owns 214,747 shares of the company’s stock, valued at $7,711,564.77. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, insider Matthew M. Koder sold 214,745 shares of Bank of America stock in a transaction dated Thursday, February 2nd. The stock was sold at an average price of $35.91, for a total transaction of $7,711,492.95. Following the sale, the insider now directly owns 214,747 shares of the company’s stock, valued at $7,711,564.77. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Matthew M. Koder sold 105,054 shares of Bank of America stock in a transaction dated Thursday, February 23rd. The stock was sold at an average price of $34.27, for a total value of $3,600,200.58. Following the sale, the insider now directly owns 319,803 shares in the company, valued at $10,959,648.81. The disclosure for this sale can be found here. Corporate insiders own 0.27% of the company’s stock.
Wall Street Analyst Weigh In
Several equities research analysts have recently issued reports on BAC shares. Royal Bank of Canada decreased their price objective on Bank of America from $40.00 to $34.00 and set an “outperform” rating on the stock in a report on Friday. Morgan Stanley lowered their price target on Bank of America from $38.00 to $37.00 and set an “equal weight” rating for the company in a report on Thursday, December 15th. Deutsche Bank Aktiengesellschaft lowered shares of Bank of America from a “buy” rating to a “hold” rating and cut their price objective for the stock from $45.00 to $36.00 in a report on Friday, January 6th. Odeon Capital Group downgraded shares of Bank of America from a “buy” rating to a “hold” rating and set a $35.20 target price for the company. in a report on Wednesday, March 8th. Finally, Barclays cut their price target on shares of Bank of America from $51.00 to $48.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 3rd. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat, Bank of America presently has an average rating of “Hold” and an average target price of $39.28.
Bank of America Stock Up 0.6 %
NYSE BAC traded up $0.17 on Friday, reaching $27.14. The company had a trading volume of 96,978,311 shares, compared to its average volume of 85,079,584. The firm has a market capitalization of $217.22 billion, a PE ratio of 8.51, a P/E/G ratio of 1.14 and a beta of 1.40. The firm has a 50-day moving average of $33.34 and a 200-day moving average of $33.87. Bank of America Co. has a 1 year low of $26.32 and a 1 year high of $44.39. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.78 and a quick ratio of 0.77.
Bank of America (NYSE:BAC – Get Rating) last announced its earnings results on Friday, January 13th. The financial services provider reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.09. Bank of America had a net margin of 23.93% and a return on equity of 11.41%. The business had revenue of $24.50 billion during the quarter, compared to the consensus estimate of $24.17 billion. During the same period in the prior year, the firm earned $0.82 earnings per share. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. On average, equities research analysts anticipate that Bank of America Co. will post 3.37 EPS 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 31st. Stockholders of record on Friday, March 3rd will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.24%. The ex-dividend date is Thursday, March 2nd. Bank of America’s payout ratio is 27.59%.
Bank of America Profile
Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management (GWIM), Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.
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