First American Trust FSB Sells 1,174 Shares of Bank of America Co. (NYSE:BAC)

First American Trust FSB decreased its position in shares of Bank of America Co. (NYSE:BAC) by 9.7% during the 4th quarter, HoldingsChannel.com reports. The fund owned 10,892 shares of the financial services provider’s stock after selling 1,174 shares during the period. First American Trust FSB’s holdings in Bank of America were worth $479,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. TIAA Trust National Association grew its position in Bank of America by 0.3% in the fourth quarter. TIAA Trust National Association now owns 765,575 shares of the financial services provider’s stock valued at $33,647,000 after acquiring an additional 1,959 shares during the last quarter. FineMark National Bank & Trust grew its holdings in shares of Bank of America by 6.7% during the 4th quarter. FineMark National Bank & Trust now owns 100,919 shares of the financial services provider’s stock valued at $4,435,000 after purchasing an additional 6,314 shares during the last quarter. Ashton Thomas Securities LLC increased its position in Bank of America by 191.6% during the 4th quarter. Ashton Thomas Securities LLC now owns 22,254 shares of the financial services provider’s stock worth $977,000 after purchasing an additional 14,623 shares in the last quarter. Princeton Capital Management LLC lifted its stake in Bank of America by 6.3% in the 4th quarter. Princeton Capital Management LLC now owns 37,127 shares of the financial services provider’s stock valued at $1,632,000 after purchasing an additional 2,190 shares during the last quarter. Finally, Modern Wealth Management LLC boosted its position in Bank of America by 65.6% in the fourth quarter. Modern Wealth Management LLC now owns 63,078 shares of the financial services provider’s stock valued at $2,944,000 after buying an additional 24,979 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on BAC. Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and increased their price target for the company from $45.00 to $50.00 in a research note on Friday, March 7th. Citigroup dropped their target price on Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Monday. Oppenheimer boosted their price target on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Evercore ISI dropped 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. Finally, Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have assigned a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $48.45.

Bank of America Trading Up 0.6 %

NYSE:BAC opened at $43.31 on Wednesday. The firm has a fifty day simple moving average of $44.72 and a two-hundred day simple moving average of $43.87. Bank of America Co. has a 12 month low of $34.15 and a 12 month high of $48.08. The stock has a market capitalization of $329.28 billion, a price-to-earnings ratio of 13.45, a PEG ratio of 1.21 and a beta of 1.32. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm’s revenue was up 15.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.70 EPS. Analysts expect that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio is currently 32.30%.

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.