M&R Capital Management Inc. Trims Stock Position in Bank of America Co. (NYSE:BAC)

M&R Capital Management Inc. cut its position in shares of Bank of America Co. (NYSE:BAC) by 3.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 37,157 shares of the financial services provider’s stock after selling 1,410 shares during the period. M&R Capital Management Inc.’s holdings in Bank of America were worth $1,231,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of BAC. Roundview Capital LLC raised its stake in shares of Bank of America by 1.5% in the 1st quarter. Roundview Capital LLC now owns 135,764 shares of the financial services provider’s stock valued at $5,596,000 after acquiring an additional 2,013 shares during the period. Loomis Sayles & Co. L P raised its stake in shares of Bank of America by 150.3% in the 1st quarter. Loomis Sayles & Co. L P now owns 1,985 shares of the financial services provider’s stock valued at $82,000 after acquiring an additional 1,192 shares during the period. NewEdge Advisors LLC raised its stake in shares of Bank of America by 4.2% in the 1st quarter. NewEdge Advisors LLC now owns 405,098 shares of the financial services provider’s stock valued at $16,698,000 after acquiring an additional 16,319 shares during the period. First Western Trust Bank purchased a new stake in shares of Bank of America in the 1st quarter valued at approximately $586,000. Finally, Pearl River Capital LLC purchased a new stake in shares of Bank of America in the 1st quarter valued at approximately $534,000. 68.34% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Matthew M. Koder sold 105,054 shares of the company’s stock in a transaction on Thursday, February 23rd. The shares were sold at an average price of $34.27, for a total value of $3,600,200.58. Following the completion of the transaction, the insider now owns 319,803 shares in the company, valued at approximately $10,959,648.81. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, insider Matthew M. Koder sold 214,745 shares of the company’s stock in a transaction on Thursday, February 2nd. The shares were sold at an average price of $35.91, for a total value of $7,711,492.95. Following the completion of the transaction, the insider now owns 214,747 shares in the company, valued at approximately $7,711,564.77. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Matthew M. Koder sold 105,054 shares of the company’s stock in a transaction on Thursday, February 23rd. The shares were sold at an average price of $34.27, for a total transaction of $3,600,200.58. Following the completion of the transaction, the insider now owns 319,803 shares of the company’s stock, valued at approximately $10,959,648.81. The disclosure for this sale can be found here. Company insiders own 0.27% of the company’s stock.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods downgraded shares of Bank of America from a “market perform” rating to an “underperform” rating and reduced their price target for the company from $35.00 to $33.00 in a research note on Wednesday, February 8th. Deutsche Bank Aktiengesellschaft downgraded shares of Bank of America from a “buy” rating to a “hold” rating and cut their target price for the stock from $45.00 to $36.00 in a research note on Friday, January 6th. Odeon Capital Group downgraded shares of Bank of America from a “buy” rating to a “hold” rating and set a $35.20 target price on the stock. in a research note on Wednesday, March 8th. Citigroup upped their target price on shares of Bank of America from $36.00 to $38.00 in a research note on Tuesday, January 17th. Finally, Atlantic Securities downgraded shares of Bank of America from an “overweight” rating to a “neutral” rating and set a $40.00 target price on the stock. in a research note on Tuesday, January 31st. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat, Bank of America has an average rating of “Hold” and an average target price of $40.16.

Bank of America Stock Down 4.0 %

NYSE BAC traded down $1.15 on Friday, hitting $27.82. 130,665,529 shares of the stock were exchanged, compared to its average volume of 51,705,035. The company has a quick ratio of 0.77, a current ratio of 0.78 and a debt-to-equity ratio of 1.13. Bank of America Co. has a fifty-two week low of $27.62 and a fifty-two week high of $44.63. The company has a market cap of $222.67 billion, a PE ratio of 8.72, a PEG ratio of 1.21 and a beta of 1.40. The company has a 50-day moving average price of $34.02 and a 200-day moving average price of $34.07.

Bank of America (NYSE:BAC – Get Rating) last posted its quarterly earnings results on Friday, January 13th. The financial services provider reported $0.85 EPS for the quarter, topping the consensus estimate of $0.76 by $0.09. Bank of America had a net margin of 23.93% and a return on equity of 11.41%. The company had revenue of $24.50 billion during the quarter, compared to analysts’ expectations of $24.17 billion. During the same quarter in the previous year, the business posted $0.82 EPS. The firm’s revenue was up 11.1% on a year-over-year basis. Sell-side analysts anticipate that Bank of America Co. will post 3.38 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 31st. Stockholders of record on Friday, March 3rd will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 3.16%. The ex-dividend date is Thursday, March 2nd. Bank of America’s payout ratio is 27.59%.

Bank of America Profile

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Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.