Bank of America Corp (BAC) Holdings Reduced by Wetherby Asset Management Inc.

Wetherby Asset Management Inc. lowered its position in Bank of America Corp (NYSE:BAC) by 3.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 150,860 shares of the financial services provider’s stock after selling 5,954 shares during the quarter. Wetherby Asset Management Inc.’s holdings in Bank of America were worth $3,717,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. PGGM Investments bought a new stake in shares of Bank of America during the 4th quarter valued at about $128,471,000. Matthew Goff Investment Advisor LLC lifted its stake in shares of Bank of America by 2,719.0% in the 3rd quarter. Matthew Goff Investment Advisor LLC now owns 5,310,836 shares of the financial services provider’s stock worth $188,394,000 after acquiring an additional 5,122,442 shares during the period. SG Americas Securities LLC lifted its stake in shares of Bank of America by 183.4% in the 3rd quarter. SG Americas Securities LLC now owns 1,872,374 shares of the financial services provider’s stock worth $55,160,000 after acquiring an additional 4,117,908 shares during the period. CI Investments Inc. lifted its stake in shares of Bank of America by 168.5% in the 3rd quarter. CI Investments Inc. now owns 5,840,497 shares of the financial services provider’s stock worth $172,061,000 after acquiring an additional 3,665,300 shares during the period. Finally, Federated Investors Inc. PA lifted its stake in shares of Bank of America by 60.4% in the 3rd quarter. Federated Investors Inc. PA now owns 7,697,006 shares of the financial services provider’s stock worth $226,755,000 after acquiring an additional 2,899,075 shares during the period. Hedge funds and other institutional investors own 64.81% of the company’s stock.

Shares of BAC stock traded up $0.07 during trading hours on Monday, reaching $28.36. 8,949,204 shares of the stock traded hands, compared to its average volume of 70,691,464. Bank of America Corp has a 1-year low of $22.66 and a 1-year high of $33.05. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.92 and a quick ratio of 0.91. The firm has a market capitalization of $289.79 billion, a P/E ratio of 10.87, a P/E/G ratio of 1.24 and a beta of 1.45.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, January 16th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.07. Bank of America had a net margin of 25.45% and a return on equity of 11.66%. The business had revenue of $22.89 billion for the quarter, compared to analyst estimates of $22.37 billion. During the same quarter in the previous year, the business earned $0.48 earnings per share. The firm’s revenue was up 10.7% compared to the same quarter last year. Sell-side analysts predict that Bank of America Corp will post 2.85 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 1st will be issued a dividend of $0.15 per share. The ex-dividend date is Thursday, February 28th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.12%. Bank of America’s dividend payout ratio is currently 22.99%.

A number of analysts have recently weighed in on BAC shares. UBS Group set a $33.00 price target on shares of Bank of America and gave the stock a “buy” rating in a research note on Saturday, February 2nd. Edward Jones raised shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, January 9th. BMO Capital Markets upped their price target on shares of Bank of America from $35.00 to $36.00 and gave the stock a “market perform” rating in a research note on Tuesday, October 16th. Wells Fargo & Co set a $36.00 price target on shares of Bank of America and gave the stock a “buy” rating in a research note on Wednesday, January 16th. Finally, Credit Suisse Group reduced their price target on shares of Bank of America from $36.00 to $35.00 and set an “outperform” rating for the company in a research note on Friday, December 7th. Nine research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $33.18.

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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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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

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