Bank of America Co. (NYSE:BAC) Shares Sold by Asset Dedication LLC

Asset Dedication LLC reduced its position in Bank of America Co. (NYSE:BAC) by 41.0% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 40,733 shares of the financial services provider’s stock after selling 28,293 shares during the quarter. Asset Dedication LLC’s holdings in Bank of America were worth $1,790,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of the company. Marino Stram & Associates LLC raised its position in shares of Bank of America by 1.7% during the 4th quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock valued at $580,000 after buying an additional 222 shares during the period. Traveka Wealth LLC increased its holdings in Bank of America by 2.7% in the 4th quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider’s stock valued at $382,000 after purchasing an additional 226 shares during the last quarter. Longfellow Investment Management Co. LLC grew its stake in shares of Bank of America by 0.6% in the third quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock worth $1,484,000 after acquiring an additional 227 shares in the last quarter. Beacon Investment Advisory Services Inc. grew its stake in shares of Bank of America by 1.1% during the third quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock worth $828,000 after purchasing an additional 231 shares in the last quarter. Finally, Southland Equity Partners LLC grew its stake in shares of Bank of America by 2.6% during the fourth quarter. Southland Equity Partners LLC now owns 9,016 shares of the financial services provider’s stock worth $396,000 after purchasing an additional 231 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Performance

Bank of America stock opened at $46.88 on Wednesday. The firm’s 50 day simple moving average is $45.83 and its 200-day simple moving average is $42.70. The company has a market cap of $359.70 billion, a P/E ratio of 14.56, a price-to-earnings-growth ratio of 1.24 and a beta of 1.33. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. Bank of America Co. has a fifty-two week low of $32.35 and a fifty-two week high of $48.08.

Bank of America (NYSE:BAC) last released its quarterly earnings data 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. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.70 EPS. As a group, equities research analysts predict that Bank of America Co. will post 3.67 EPS for the current year.

Analyst Ratings Changes

BAC has been the subject of a number of research reports. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Barclays increased their price target on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. Keefe, Bruyette & Woods increased their price target on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. 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 analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $48.58.

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.