Eagle Ridge Investment Management Sells 9,253 Shares of Bank of America Co. (NYSE:BAC)

Eagle Ridge Investment Management lessened its holdings in Bank of America Co. (NYSE:BAC) by 4.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 222,501 shares of the financial services provider’s stock after selling 9,253 shares during the quarter. Eagle Ridge Investment Management’s holdings in Bank of America were worth $7,492,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Ascent Wealth Partners LLC raised its stake in Bank of America by 5.7% in the third quarter. Ascent Wealth Partners LLC now owns 16,088 shares of the financial services provider’s stock valued at $440,000 after purchasing an additional 869 shares in the last quarter. Atlantic Union Bankshares Corp raised its stake in Bank of America by 6.4% in the third quarter. Atlantic Union Bankshares Corp now owns 194,621 shares of the financial services provider’s stock valued at $5,329,000 after purchasing an additional 11,622 shares in the last quarter. Brookstone Capital Management raised its stake in Bank of America by 97.4% in the third quarter. Brookstone Capital Management now owns 158,100 shares of the financial services provider’s stock valued at $4,262,000 after purchasing an additional 78,012 shares in the last quarter. Sumitomo Life Insurance Co. raised its stake in Bank of America by 1.8% in the third quarter. Sumitomo Life Insurance Co. now owns 101,454 shares of the financial services provider’s stock valued at $2,778,000 after purchasing an additional 1,766 shares in the last quarter. Finally, PDS Planning Inc raised its stake in Bank of America by 10.1% in the third quarter. PDS Planning Inc now owns 24,125 shares of the financial services provider’s stock valued at $661,000 after purchasing an additional 2,221 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

BAC has been the subject of several research analyst reports. Jefferies Financial Group boosted their target price on Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research note on Monday, April 8th. Oppenheimer lowered their target price on Bank of America from $46.00 to $45.00 and set an “outperform” rating for the company in a research note on Wednesday, April 17th. Wells Fargo & Company boosted their target price on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Finally, HSBC reissued a “hold” rating and set a $39.00 target price (up previously from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $38.53.

Bank of America Stock Down 0.4 %

NYSE BAC traded down $0.15 on Monday, reaching $37.68. The company had a trading volume of 14,937,014 shares, compared to its average volume of 41,110,984. The stock has a market capitalization of $297.32 billion, a P/E ratio of 13.06, a P/E/G ratio of 1.69 and a beta of 1.39. The company’s fifty day moving average is $36.13 and its 200 day moving average is $32.80. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $38.49. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The business had revenue of $25.82 billion during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.94 EPS. Sell-side analysts anticipate that Bank of America Co. will post 3.19 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s payout ratio is currently 33.22%.

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.