Bingham Osborn & Scarborough LLC cut its stake in shares of Bank of America Corp (NYSE:BAC) by 0.8% in the 4th quarter, HoldingsChannel.com reports. The fund owned 120,494 shares of the financial services provider’s stock after selling 931 shares during the quarter. Bank of America accounts for 0.3% of Bingham Osborn & Scarborough LLC’s portfolio, making the stock its 28th biggest position. Bingham Osborn & Scarborough LLC’s holdings in Bank of America were worth $2,969,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. NewSquare Capital LLC boosted its holdings in Bank of America by 50.0% during the 4th quarter. NewSquare Capital LLC now owns 1,500 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 500 shares during the period. Mackey Komara & Dankovich LLC purchased a new stake in Bank of America in the 4th quarter worth approximately $54,000. Watermark Asset Management Inc. lifted its holdings in Bank of America by 24.3% in the 4th quarter. Watermark Asset Management Inc. now owns 2,595 shares of the financial services provider’s stock worth $64,000 after buying an additional 508 shares during the period. Arlington Partners LLC purchased a new stake in Bank of America in the 3rd quarter worth approximately $118,000. Finally, First Bank & Trust lifted its holdings in Bank of America by 15.3% in the 4th quarter. First Bank & Trust now owns 4,363 shares of the financial services provider’s stock worth $107,000 after buying an additional 578 shares during the period. Institutional investors own 64.81% of the company’s stock.
Several research firms have weighed in on BAC. Daiwa Capital Markets cut Bank of America from an “outperform” rating to a “market perform” rating in a report on Friday, February 8th. UBS Group set a $33.00 price objective on Bank of America and gave the stock a “buy” rating in a report on Saturday, February 2nd. Zacks Investment Research cut Bank of America from a “buy” rating to a “hold” rating in a report on Wednesday, January 23rd. Jefferies Financial Group increased their price objective on Bank of America from $29.00 to $33.00 and gave the stock a “buy” rating in a report on Friday, January 18th. Finally, Barclays reiterated a “hold” rating on shares of Bank of America in a report on Thursday, January 17th. Nine research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $33.18.
Bank of America (NYSE:BAC) last released its earnings results on Wednesday, January 16th. The financial services provider reported $0.70 EPS for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.07. The company had revenue of $22.89 billion during the quarter, compared to analysts’ expectations of $22.37 billion. Bank of America had a return on equity of 11.66% and a net margin of 25.45%. The firm’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.48 EPS. As a group, research analysts expect that Bank of America Corp will post 2.85 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 1st will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.09%. The ex-dividend date is Thursday, February 28th. Bank of America’s payout ratio is presently 22.99%.
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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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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