Hobbs Group Advisors LLC Lowers Stake in Bank of America Co. (NYSE:BAC)

Hobbs Group Advisors LLC trimmed its holdings in Bank of America Co. (NYSE:BAC) by 10.3% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 28,790 shares of the financial services provider’s stock after selling 3,307 shares during the period. Hobbs Group Advisors LLC’s holdings in Bank of America were worth $1,265,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in BAC. Graney & King LLC purchased a new position in Bank of America in the 4th quarter valued at $25,000. Collier Financial acquired a new stake in shares of Bank of America in the 4th quarter worth $25,000. Fairway Wealth LLC purchased a new stake in shares of Bank of America in the fourth quarter valued at about $29,000. Highline Wealth Partners LLC increased its stake in shares of Bank of America by 152.7% during the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 510 shares during the period. Finally, Mascoma Wealth Management LLC raised its holdings in Bank of America by 68.2% during the fourth quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 361 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC opened at $41.24 on Friday. Bank of America Co. has a 52-week low of $34.15 and a 52-week high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm has a market cap of $313.50 billion, a price-to-earnings ratio of 12.81, a PEG ratio of 1.21 and a beta of 1.32. The business’s 50 day moving average is $44.45 and its two-hundred day moving average is $43.86.

Bank of America (NYSE:BAC) last posted its quarterly earnings data 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 firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm’s revenue was up 15.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.70 EPS. Analysts forecast that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.52%. The ex-dividend date of this dividend was Friday, March 7th. Bank of America’s payout ratio is currently 32.30%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on BAC. Keefe, Bruyette & Woods lifted their price objective on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. Oppenheimer increased their price objective on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research report on Tuesday, January 7th. Finally, Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have issued a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $48.45.

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.