Delta Financial Advisors LLC lessened its holdings in Bank of America Corp (NYSE:BAC) by 0.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 91,708 shares of the financial services provider’s stock after selling 375 shares during the quarter. Bank of America accounts for approximately 1.3% of Delta Financial Advisors LLC’s investment portfolio, making the stock its 28th biggest position. Delta Financial Advisors LLC’s holdings in Bank of America were worth $3,230,000 at the end of the most recent quarter.
Other institutional investors have also made changes to their positions in the company. Garrett Wealth Advisory Group LLC bought a new stake in Bank of America during the third quarter worth about $25,000. TFO TDC LLC bought a new stake in Bank of America during the fourth quarter worth about $26,000. Sage Financial Group Inc. bought a new stake in Bank of America during the fourth quarter worth about $38,000. Corbenic Partners LLC acquired a new position in Bank of America during the fourth quarter worth about $39,000. Finally, Selective Wealth Management Inc. acquired a new position in shares of Bank of America in the third quarter valued at approximately $43,000. 69.15% of the stock is owned by institutional investors.
BAC opened at $34.77 on Friday. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.90 and a current ratio of 0.91. Bank of America Corp has a 52-week low of $26.21 and a 52-week high of $35.72. The stock has a market capitalization of $313.30 billion, a PE ratio of 12.69, a price-to-earnings-growth ratio of 1.26 and a beta of 1.59. The stock’s 50 day moving average price is $34.47 and its 200-day moving average price is $31.53.
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 6th will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, March 5th. This represents a $0.72 annualized dividend and a dividend yield of 2.07%. Bank of America’s dividend payout ratio (DPR) is presently 24.49%.
BAC has been the subject of several recent research reports. UBS Group downgraded Bank of America from a “buy” rating to a “neutral” rating and upped their price objective for the company from $34.00 to $36.00 in a research note on Monday, January 6th. Barclays raised Bank of America from an “equal weight” rating to an “overweight” rating and set a $43.00 price objective for the company in a research note on Monday, January 6th. DA Davidson started coverage on Bank of America in a research note on Wednesday, January 8th. They issued a “neutral” rating and a $36.00 price objective for the company. Morgan Stanley reissued a “buy” rating and set a $38.00 target price (up previously from $35.00) on shares of Bank of America in a research report on Monday, November 18th. Finally, ValuEngine cut Bank of America from a “hold” rating to a “sell” rating in a research note on Tuesday, December 3rd. Three investment 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. The company has an average rating of “Hold” and a consensus target price of $35.29.
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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
Further Reading: Cash Flow
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