Wallington Asset Management LLC Has $6.49 Million Position in Bank of America Co. (NYSE:BAC)

Wallington Asset Management LLC lowered its stake in shares of Bank of America Co. (NYSE:BAC) by 53.7% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 192,658 shares of the financial services provider’s stock after selling 223,581 shares during the quarter. Wallington Asset Management LLC’s holdings in Bank of America were worth $6,487,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in BAC. Fortis Group Advisors LLC acquired a new stake in shares of Bank of America in the 3rd quarter valued at $25,000. Glass Jacobson Investment Advisors llc boosted its holdings in shares of Bank of America by 98.1% in the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 504 shares in the last quarter. Castleview Partners LLC acquired a new stake in shares of Bank of America in the 1st quarter valued at $28,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Bank of America during the 1st quarter valued at $34,000. Finally, 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 valued at $38,000 after acquiring an additional 750 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

BAC has been the topic of several recent research reports. Evercore ISI raised their price objective on Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a report on Thursday. Wells Fargo & Company raised their price objective on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. Odeon Capital Group downgraded 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. HSBC reaffirmed a “hold” rating and set a $39.00 target price (up from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. Finally, Oppenheimer lowered their target price on Bank of America from $50.00 to $46.00 and set an “outperform” rating for the company in a research report on Tuesday, March 19th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $37.34.

Bank of America Trading Up 0.5 %

Shares of BAC stock traded up $0.19 during mid-day trading on Friday, hitting $37.11. The company’s stock had a trading volume of 29,673,121 shares, compared to its average volume of 37,572,744. The company’s fifty day simple moving average is $35.13 and its 200-day simple moving average is $31.73. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $38.35. 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 company has a market cap of $292.82 billion, a PE ratio of 12.09, a P/E/G ratio of 1.71 and a beta of 1.39.

Bank of America (NYSE:BAC) last issued its earnings results on Friday, January 12th. The financial services provider reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.01. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The business had revenue of $22 billion during the quarter, compared to analyst estimates of $23.70 billion. During the same period in the previous year, the company posted $0.85 EPS. The firm’s revenue was down 10.2% compared to the same quarter last year. As a group, equities research analysts expect that Bank of America Co. will post 3.11 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date was Thursday, February 29th. Bank of America’s payout ratio is 31.27%.

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.