Bank of America Co. (NYSE:BAC) Holdings Cut by Lincoln Capital Corp

Lincoln Capital Corp decreased its stake in Bank of America Co. (NYSE:BAC) by 3.9% in the fourth quarter, Holdings Channel reports. The institutional investor owned 69,637 shares of the financial services provider’s stock after selling 2,830 shares during the quarter. Bank of America makes up approximately 1.2% of Lincoln Capital Corp’s holdings, making the stock its 23rd largest position. Lincoln Capital Corp’s holdings in Bank of America were worth $2,345,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in BAC. Roundview Capital LLC raised its holdings in shares of Bank of America by 1.5% during the 1st quarter. Roundview Capital LLC now owns 135,764 shares of the financial services provider’s stock valued at $5,596,000 after purchasing an additional 2,013 shares in the last quarter. Loomis Sayles & Co. L P raised its holdings in shares of Bank of America by 150.3% during 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 purchasing an additional 1,192 shares in the last quarter. NewEdge Advisors LLC raised its holdings in shares of Bank of America by 4.2% during the 1st quarter. NewEdge Advisors LLC now owns 405,098 shares of the financial services provider’s stock valued at $16,698,000 after purchasing an additional 16,319 shares in the last quarter. First Western Trust Bank bought a new position in shares of Bank of America during the 1st quarter valued at $586,000. Finally, Pearl River Capital LLC bought a new position in shares of Bank of America during the 1st quarter valued at $534,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Odeon Capital Group downgraded shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price on the stock. in a report on Tuesday, January 16th. Barclays lifted their target price on shares of Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. Oppenheimer dropped their target price on shares of Bank of America from $50.00 to $46.00 and set an “outperform” rating on the stock in a report on Tuesday, March 19th. BMO Capital Markets dropped their target price on shares of Bank of America from $37.00 to $36.00 and set a “market perform” rating on the stock in a report on Tuesday, January 16th. Finally, The Goldman Sachs Group lifted their target price on shares of Bank of America from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Friday, December 1st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average price target of $35.65.

Bank of America Price Performance

NYSE BAC traded up $0.74 on Wednesday, reaching $37.83. The company’s stock had a trading volume of 36,334,959 shares, compared to its average volume of 41,116,594. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15. The firm has a market cap of $298.50 billion, a PE ratio of 12.32, a price-to-earnings-growth ratio of 1.69 and a beta of 1.38. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $37.85. The business has a 50-day moving average price of $34.35 and a 200 day moving average price of $31.26.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.01. The firm had revenue of $22 billion for the quarter, compared to analysts’ expectations of $23.70 billion. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The company’s quarterly revenue was down 10.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.85 earnings per share. Sell-side analysts expect that Bank of America Co. will post 3.12 EPS for the current year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 1st will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.54%. Bank of America’s payout ratio is 31.27%.

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