Cumberland Partners Ltd Has $2.34 Million Stock Position in Bank of America Co. (NYSE:BAC)

Cumberland Partners Ltd lowered its stake in shares of Bank of America Co. (NYSE:BAC) by 4.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 69,595 shares of the financial services provider’s stock after selling 3,200 shares during the quarter. Cumberland Partners Ltd’s holdings in Bank of America were worth $2,343,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Fortis Group Advisors LLC acquired a new position in Bank of America during the third quarter worth $25,000. Glass Jacobson Investment Advisors llc increased its stake in shares of Bank of America by 98.1% in the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after buying an additional 504 shares during the period. Criterion Capital Advisors LLC bought a new stake in Bank of America in the fourth quarter valued at approximately $32,000. ZRC Wealth Management LLC boosted its holdings in shares of Bank of America by 192.3% during the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after buying an additional 750 shares in the last quarter. Finally, Private Ocean LLC boosted its holdings in shares of Bank of America by 34.0% during the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after buying an additional 325 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 1.7 %

Bank of America stock traded up $0.64 during mid-day trading on Tuesday, hitting $38.37. The company’s stock had a trading volume of 39,159,885 shares, compared to its average volume of 41,775,906. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $38.42. The stock’s fifty day moving average is $35.88 and its two-hundred day moving average is $32.57. The firm has a market capitalization of $302.72 billion, a PE ratio of 13.28, a price-to-earnings-growth ratio of 1.66 and a beta of 1.39. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The company had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. Bank of America’s quarterly revenue was down 1.7% on a year-over-year basis. During the same period last year, the firm earned $0.94 earnings per share. On average, analysts anticipate that Bank of America Co. will post 3.17 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.50%. The ex-dividend date of this dividend was Thursday, February 29th. Bank of America’s dividend payout ratio is presently 33.22%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. BMO Capital Markets increased their price target on Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research report on Thursday, April 18th. Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $32.00 to $41.00 in a research report on Tuesday, January 30th. Odeon Capital Group cut Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective on the stock. in a report on Tuesday, January 16th. Barclays lifted their price target on Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. Finally, Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $38.53.

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