Richard W. Paul & Associates LLC Lowers Stock Holdings in Bank of America Co. (NYSE:BAC)

Richard W. Paul & Associates LLC reduced its position in Bank of America Co. (NYSE:BACFree Report) by 31.1% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 15,213 shares of the financial services provider’s stock after selling 6,857 shares during the period. Richard W. Paul & Associates LLC’s holdings in Bank of America were worth $512,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BAC. Schechter Investment Advisors LLC grew its stake in shares of Bank of America by 8.2% during the 3rd quarter. Schechter Investment Advisors LLC now owns 55,348 shares of the financial services provider’s stock valued at $1,515,000 after buying an additional 4,187 shares during the period. Eastern Bank lifted its holdings in shares of Bank of America by 354.5% during the 3rd quarter. Eastern Bank now owns 119,713 shares of the financial services provider’s stock valued at $3,278,000 after acquiring an additional 93,375 shares in the last quarter. Stonebridge Capital Advisors LLC lifted its holdings in shares of Bank of America by 3.7% during the 3rd quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock valued at $1,793,000 after acquiring an additional 2,332 shares in the last quarter. Kingswood Wealth Advisors LLC lifted its holdings in shares of Bank of America by 228.3% during the 4th quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock valued at $2,273,000 after acquiring an additional 46,950 shares in the last quarter. Finally, Virginia Retirement Systems ET AL acquired a new position in shares of Bank of America during the 2nd quarter valued at $6,317,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Shares of NYSE:BAC traded up $0.20 during trading on Wednesday, reaching $37.50. 20,022,207 shares of the company’s stock traded hands, compared to its average volume of 40,579,211. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $38.35. The company has a 50 day moving average of $34.89 and a 200-day moving average of $31.57. The stock has a market capitalization of $295.90 billion, a P/E ratio of 12.22, a price-to-earnings-growth ratio of 1.73 and a beta of 1.39.

Bank of America (NYSE:BACGet Free Report) last posted its earnings results on Friday, January 12th. The financial services provider reported $0.70 EPS for the quarter, topping the consensus estimate of $0.69 by $0.01. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The firm had revenue of $22 billion during the quarter, compared to analysts’ expectations of $23.70 billion. During the same quarter in the prior year, the firm earned $0.85 EPS. Bank of America’s quarterly revenue was down 10.2% on a year-over-year basis. On average, equities analysts expect that Bank of America Co. will post 3.1 EPS for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.56%. The ex-dividend date of this dividend was Thursday, February 29th. Bank of America’s dividend payout ratio (DPR) is 31.27%.

Analyst Ratings Changes

BAC has been the topic of several recent research reports. HSBC restated a “hold” rating and set a $39.00 target price (up previously from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Wells Fargo & Company boosted their price objective on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Barclays boosted their price objective 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. Citigroup boosted their price objective on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday, March 20th. Finally, Oppenheimer cut their price objective 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. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and an average price target of $36.15.

View Our Latest Stock Report on BAC

About Bank of America

(Free Report)

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.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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