Capital City Trust Co. FL Lowers Stock Holdings in Bank of America Co. (NYSE:BAC)

Capital City Trust Co. FL reduced its stake in Bank of America Co. (NYSE:BAC) by 4.6% during the fourth quarter, HoldingsChannel.com reports. The firm owned 23,176 shares of the financial services provider’s stock after selling 1,107 shares during the quarter. Capital City Trust Co. FL’s holdings in Bank of America were worth $1,019,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Navellier & Associates Inc. boosted its position in shares of Bank of America by 39.4% in the 4th quarter. Navellier & Associates Inc. now owns 17,844 shares of the financial services provider’s stock worth $784,000 after purchasing an additional 5,044 shares in the last quarter. Wealth Management Nebraska bought a new stake in shares of Bank of America in the 4th quarter worth approximately $205,000. Prentice Wealth Management LLC boosted its position in shares of Bank of America by 5.0% in the 4th quarter. Prentice Wealth Management LLC now owns 18,150 shares of the financial services provider’s stock worth $798,000 after purchasing an additional 865 shares in the last quarter. VisionPoint Advisory Group LLC bought a new stake in shares of Bank of America in the 4th quarter worth approximately $70,000. Finally, Paradigm Asset Management Co. LLC boosted its position in shares of Bank of America by 17.1% in the 4th quarter. Paradigm Asset Management Co. LLC now owns 120,425 shares of the financial services provider’s stock worth $5,293,000 after purchasing an additional 17,600 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Down 1.1 %

BAC opened at $44.80 on Friday. The firm has a 50-day simple moving average of $45.75 and a two-hundred day simple moving average of $43.32. Bank of America Co. has a 52 week low of $33.37 and a 52 week high of $48.08. The company has a market capitalization of $343.71 billion, a PE ratio of 13.91, a price-to-earnings-growth ratio of 1.22 and a beta of 1.33. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business’s revenue was up 15.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.70 EPS. Analysts forecast that Bank of America Co. will post 3.69 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 28th. Stockholders of record on Friday, March 7th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.32%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio is 32.30%.

Analysts Set New Price Targets

BAC has been the subject of a number of recent analyst reports. Evercore ISI decreased their price objective on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Friday, January 17th. Morgan Stanley boosted their price objective on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. Keefe, Bruyette & Woods boosted their price objective on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Tuesday, January 7th. Finally, Oppenheimer boosted their price objective on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

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.