Belmont Capital LLC Decreases Holdings in Bank of America Co. (NYSE:BAC)

Belmont Capital LLC cut its stake in Bank of America Co. (NYSE:BAC) by 0.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 96,034 shares of the financial services provider’s stock after selling 400 shares during the quarter. Bank of America comprises about 0.7% of Belmont Capital LLC’s investment portfolio, making the stock its 17th biggest position. Belmont Capital LLC’s holdings in Bank of America were worth $4,221,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Collier Financial purchased a new stake in shares of Bank of America during the 4th quarter valued at about $25,000. Life Planning Partners Inc raised its stake in shares of Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 545,936 shares during the period. Graney & King LLC purchased a new position in shares of Bank of America in the fourth quarter valued at $25,000. Fairway Wealth LLC purchased a new stake in Bank of America during the 4th quarter worth $29,000. Finally, Glass Jacobson Investment Advisors llc lifted its holdings in Bank of America by 53.0% in the 4th quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider’s stock worth $35,000 after buying an additional 276 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

BAC has been the topic of a number of analyst reports. Evercore ISI dropped their target price on Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 1st. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a report on Tuesday, January 7th. Cfra Research increased their target price on Bank of America to $47.00 and gave the company a “buy” rating in a research note on Wednesday. Citigroup decreased their price target on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, March 24th. Finally, JPMorgan Chase & Co. cut their price target on shares of Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a report on Thursday, April 3rd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, seventeen have given a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $47.20.

Bank of America Price Performance

Shares of BAC opened at $37.44 on Friday. Bank of America Co. has a 12 month low of $33.07 and a 12 month high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The stock has a fifty day moving average price of $41.46 and a 200 day moving average price of $43.60. The company has a market cap of $284.65 billion, a P/E ratio of 11.63, a PEG ratio of 1.21 and a beta of 1.24.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. On average, research analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.78%. The ex-dividend date of this dividend was Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is 30.95%.

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.