Lindbrook Capital LLC Decreases Position in Bank of America Co. (NYSE:BAC)

Lindbrook Capital LLC lowered its stake in shares of Bank of America Co. (NYSE:BAC) by 70.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 51,900 shares of the financial services provider’s stock after selling 125,872 shares during the quarter. Lindbrook Capital LLC’s holdings in Bank of America were worth $1,747,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. Schechter Investment Advisors LLC boosted its stake in shares of Bank of America by 8.2% in the 3rd quarter. Schechter Investment Advisors LLC now owns 55,348 shares of the financial services provider’s stock valued at $1,515,000 after buying an additional 4,187 shares during the period. Eastern Bank grew its holdings in Bank of America by 354.5% during the 3rd quarter. Eastern Bank now owns 119,713 shares of the financial services provider’s stock worth $3,278,000 after acquiring an additional 93,375 shares in the last quarter. Stonebridge Capital Advisors LLC increased its position in shares of Bank of America by 3.7% in the 3rd quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock valued at $1,793,000 after purchasing an additional 2,332 shares during the last quarter. Kingswood Wealth Advisors LLC raised its holdings in shares of Bank of America by 228.3% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock valued at $2,273,000 after purchasing an additional 46,950 shares in the last quarter. Finally, Sarasin & Partners LLP acquired a new stake in shares of Bank of America in the 4th quarter valued at $673,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of Bank of America stock traded up $1.20 during trading hours on Friday, hitting $36.97. 56,273,683 shares of the company were exchanged, compared to its average volume of 39,086,852. The company has a current ratio of 0.79, a quick ratio of 0.80 and a debt-to-equity ratio of 1.12. The business has a 50-day moving average of $35.68 and a 200-day moving average of $32.31. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $38.35. The stock has a market capitalization of $291.72 billion, a price-to-earnings ratio of 12.79, a P/E/G ratio of 1.61 and a beta of 1.39.

Bank of America (NYSE:BAC) last announced its quarterly earnings data 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. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. During the same period in the previous year, the company posted $0.94 EPS. Bank of America’s revenue was down 1.7% compared to the same quarter last year. As a group, analysts expect that Bank of America Co. will post 3.17 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.60%. The ex-dividend date was Thursday, February 29th. Bank of America’s payout ratio is 33.22%.

Analysts Set New Price Targets

A number of research firms have weighed in on BAC. Keefe, Bruyette & Woods raised their price target on Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a research note on Friday, April 5th. Wolfe Research raised Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price on the stock in a research report on Friday. HSBC reaffirmed a “hold” rating and issued a $39.00 price target (up from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Citigroup raised their price objective on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday, March 20th. Finally, Jefferies Financial Group boosted 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 report on Monday, April 8th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Bank of America has a consensus rating of “Hold” and a consensus price target of $38.53.

Bank of America Company Profile

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.