Bank of America Co. (NYSE:BAC) Shares Sold by Parcion Private Wealth LLC

Parcion Private Wealth LLC reduced its holdings in Bank of America Co. (NYSE:BAC) by 0.5% during the 4th quarter, Holdings Channel reports. The fund owned 78,180 shares of the financial services provider’s stock after selling 400 shares during the quarter. Parcion Private Wealth LLC’s holdings in Bank of America were worth $3,436,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently modified their holdings of the company. Collier Financial acquired a new position in shares of Bank of America during the 4th quarter valued at $25,000. Kennebec Savings Bank acquired a new position in shares of Bank of America during the 3rd quarter valued at $29,000. Highline Wealth Partners LLC increased its position in shares of Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 510 shares during the period. Retirement Wealth Solutions LLC acquired a new position in shares of Bank of America during the 4th quarter valued at $42,000. Finally, POM Investment Strategies LLC increased its position in shares of Bank of America by 1,306.5% during the 4th quarter. POM Investment Strategies LLC now owns 1,083 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 1,006 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

NYSE BAC opened at $46.03 on Thursday. Bank of America Co. has a fifty-two week low of $33.17 and a fifty-two week high of $48.08. The stock’s 50-day moving average is $45.79 and its two-hundred day moving average is $43.25. 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 firm has a market cap of $353.14 billion, a P/E ratio of 14.29, a price-to-earnings-growth ratio of 1.26 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same period last year, the company earned $0.70 earnings per share. The business’s revenue was up 15.0% compared to the same quarter last year. On average, analysts anticipate 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 disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be paid a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.26%. Bank of America’s payout ratio is presently 32.30%.

Analyst Ratings Changes

Several research firms have recently weighed in on BAC. Evercore ISI reduced their price objective on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Friday, January 17th. Keefe, Bruyette & Woods raised their price objective on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Oppenheimer raised their price objective on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. Finally, HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target 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.