Ascend Capital LLC trimmed its position in Bank of America (NYSE:BAC) by 66.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 117,688 shares of the financial services provider’s stock after selling 236,094 shares during the period. Ascend Capital LLC’s holdings in Bank of America were worth $3,475,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Burt Wealth Advisors boosted its holdings in Bank of America by 4,013.1% in the third quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock worth $112,000 after acquiring an additional 4,294 shares in the last quarter. MPS Loria Financial Planners LLC bought a new stake in Bank of America in the second quarter worth $115,000. Legacy Advisors LLC bought a new stake in Bank of America in the third quarter worth $115,000. HWG Holdings LP bought a new stake in Bank of America in the third quarter worth $116,000. Finally, Bristlecone Advisors LLC bought a new stake in Bank of America in the third quarter worth $128,000. 69.84% of the stock is currently owned by institutional investors.
Shares of NYSE:BAC opened at $29.80 on Friday. The firm has a market cap of $313,969.09, a PE ratio of 16.28, a price-to-earnings-growth ratio of 1.53 and a beta of 1.37. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.90 and a current ratio of 0.91. Bank of America has a 1 year low of $22.07 and a 1 year high of $33.05.
Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.03. The firm had revenue of $20.69 billion for the quarter, compared to the consensus estimate of $21.61 billion. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The company’s quarterly revenue was up 3.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.40 earnings per share. research analysts predict that Bank of America will post 2.5 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, March 30th. Stockholders of record on Friday, March 2nd were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date was Thursday, March 1st. Bank of America’s payout ratio is currently 26.23%.
Several equities research analysts have commented on the company. Vetr downgraded Bank of America from a “buy” rating to a “hold” rating and set a $34.13 target price on the stock. in a report on Monday, March 12th. ValuEngine raised Bank of America from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Morgan Stanley boosted their target price on Bank of America from $35.00 to $37.00 and gave the stock an “overweight” rating in a report on Friday, February 2nd. Credit Suisse Group boosted their target price on Bank of America from $35.00 to $36.00 and gave the stock an “outperform” rating in a report on Friday, March 16th. Finally, Royal Bank of Canada boosted their target price on Bank of America to $35.00 and gave the stock an “outperform” rating in a report on Thursday, January 18th. Nine investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. Bank of America currently has an average rating of “Buy” and a consensus target price of $30.97.
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Bank of America 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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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