Bank of America Co. (NYSE:BAC) Shares Sold by Northeast Investment Management

Northeast Investment Management lowered its position in shares of Bank of America Co. (NYSE:BAC) by 0.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 154,180 shares of the financial services provider’s stock after selling 846 shares during the period. Northeast Investment Management’s holdings in Bank of America were worth $6,776,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Kennebec Savings Bank acquired a new stake in shares of Bank of America during the third quarter worth about $29,000. Highline Wealth Partners LLC increased its position in shares of Bank of America by 152.7% during the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 510 shares in the last quarter. Retirement Wealth Solutions LLC acquired a new position in Bank of America in the 4th quarter valued at about $42,000. Northwest Investment Counselors LLC acquired a new position in Bank of America in the 3rd quarter valued at about $45,000. Finally, E Fund Management Hong Kong Co. Ltd. acquired a new position in Bank of America in the 4th quarter valued at about $70,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Down 0.7 %

Shares of Bank of America stock opened at $47.43 on Friday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a fifty day moving average price of $45.77 and a 200 day moving average price of $42.92. The stock has a market cap of $363.89 billion, a price-to-earnings ratio of 14.73, a price-to-earnings-growth ratio of 1.29 and a beta of 1.33. Bank of America Co. has a twelve month low of $32.35 and a twelve month high of $48.08.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.70 EPS. Equities research analysts forecast that Bank of America Co. will post 3.69 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.19%. Bank of America’s payout ratio is 32.30%.

Wall Street Analyst Weigh In

BAC has been the topic of several recent research reports. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Evercore ISI lowered their price objective on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Friday, January 17th. Morgan Stanley lifted their price objective on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, January 17th. Keefe, Bruyette & Woods lifted their price objective on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Finally, Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $48.58.

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.