Motco Sells 1,618 Shares of Bank of America Corp (NYSE:BAC)

Motco decreased its holdings in shares of Bank of America Corp (NYSE:BAC) by 23.8% in the 4th quarter, HoldingsChannel.com reports. The firm owned 5,184 shares of the financial services provider’s stock after selling 1,618 shares during the period. Motco’s holdings in Bank of America were worth $183,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in BAC. Tibra Equities Europe Ltd boosted its stake in shares of Bank of America by 85.0% during the 3rd quarter. Tibra Equities Europe Ltd now owns 1,092,700 shares of the financial services provider’s stock worth $31,874,000 after acquiring an additional 502,200 shares during the period. Neumann Capital Management LLC boosted its holdings in shares of Bank of America by 1.0% during the 3rd quarter. Neumann Capital Management LLC now owns 116,675 shares of the financial services provider’s stock worth $3,403,000 after buying an additional 1,100 shares during the period. Birch Hill Investment Advisors LLC boosted its holdings in shares of Bank of America by 3.3% during the 4th quarter. Birch Hill Investment Advisors LLC now owns 1,267,548 shares of the financial services provider’s stock worth $44,643,000 after buying an additional 40,133 shares during the period. Welch Group LLC grew its stake in Bank of America by 1.1% in the 4th quarter. Welch Group LLC now owns 64,854 shares of the financial services provider’s stock valued at $2,284,000 after buying an additional 710 shares during the last quarter. Finally, Front Barnett Associates LLC grew its stake in Bank of America by 1.0% in the 3rd quarter. Front Barnett Associates LLC now owns 446,316 shares of the financial services provider’s stock valued at $13,019,000 after buying an additional 4,606 shares during the last quarter. Institutional investors and hedge funds own 69.15% of the company’s stock.

BAC has been the subject of several research reports. Citigroup raised their price objective on shares of Bank of America from $29.00 to $37.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Morgan Stanley reiterated a “buy” rating and issued a $38.00 price target (up from $35.00) on shares of Bank of America in a research report on Monday, November 18th. JPMorgan Chase & Co. reissued an “overweight” rating and set a $33.00 price target (up previously from $30.00) on shares of Bank of America in a research report on Monday, November 4th. Atlantic Securities lowered Bank of America from an “overweight” rating to a “neutral” rating and set a $36.00 price objective on the stock. in a research note on Tuesday, January 21st. Finally, Odeon Capital Group raised Bank of America from a “hold” rating to a “buy” rating in a report on Monday, October 28th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Bank of America has an average rating of “Hold” and a consensus price target of $35.29.

Shares of BAC opened at $34.85 on Friday. Bank of America Corp has a 12-month low of $26.21 and a 12-month high of $35.72. The business has a 50-day simple moving average of $34.47 and a two-hundred day simple moving average of $31.55. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 1.00. The stock has a market cap of $313.48 billion, a PE ratio of 12.72, a PEG ratio of 1.27 and a beta of 1.59.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.05. The company had revenue of $22.30 billion during the quarter, compared to the consensus estimate of $22.30 billion. Bank of America had a return on equity of 11.95% and a net margin of 24.15%. The firm’s revenue was down 1.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.70 earnings per share. On average, equities research analysts expect that Bank of America Corp will post 3.05 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 6th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Thursday, March 5th. This represents a $0.72 dividend on an annualized basis and a yield of 2.07%. Bank of America’s payout ratio is 24.49%.

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.

Further Reading: Buy-Side Analysts

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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