Procyon Advisors LLC Has $4.78 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Procyon Advisors LLC lessened its stake in Bank of America Co. (NYSE:BAC) by 9.3% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 141,999 shares of the financial services provider’s stock after selling 14,616 shares during the quarter. Procyon Advisors LLC’s holdings in Bank of America were worth $4,781,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in BAC. Roundview Capital LLC raised its stake 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 worth $5,596,000 after purchasing an additional 2,013 shares in the last quarter. Loomis Sayles & Co. L P boosted its position in Bank of America by 150.3% during the first quarter. Loomis Sayles & Co. L P now owns 1,985 shares of the financial services provider’s stock worth $82,000 after purchasing an additional 1,192 shares during the period. NewEdge Advisors LLC boosted its position in Bank of America by 4.2% during the first quarter. NewEdge Advisors LLC now owns 405,098 shares of the financial services provider’s stock worth $16,698,000 after purchasing an additional 16,319 shares during the period. First Western Trust Bank bought a new stake in Bank of America during the first quarter worth approximately $586,000. Finally, Pearl River Capital LLC bought a new stake in Bank of America during the first quarter worth approximately $534,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Barclays raised their price target on Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. The Goldman Sachs Group raised their price target on Bank of America from $30.00 to $33.00 and gave the company a “buy” rating in a research report on Friday, December 1st. HSBC reaffirmed a “hold” rating and issued a $39.00 price target (up from $38.00) on shares of Bank of America in a research report on Thursday. Odeon Capital Group lowered 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 research report on Tuesday, January 16th. Finally, 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 research report on Tuesday, March 19th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $35.90.

Bank of America Price Performance

Bank of America stock traded down $0.26 during trading hours on Thursday, hitting $37.55. 4,745,576 shares of the stock were exchanged, compared to its average volume of 40,493,648. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a market capitalization of $296.29 billion, a P/E ratio of 12.32, a P/E/G ratio of 1.70 and a beta of 1.38. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $37.87. The business’s 50-day moving average is $34.35 and its two-hundred day moving average is $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. Equities research analysts expect that Bank of America Co. will post 3.11 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 1st will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.56%. The ex-dividend date is Thursday, February 29th. Bank of America’s payout ratio is presently 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.