Northcape Wealth Management LLC Lowers Holdings in Bank of America Co. (NYSE:BAC)

Northcape Wealth Management LLC lowered its stake in shares of Bank of America Co. (NYSE:BAC) by 11.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,775 shares of the financial services provider’s stock after selling 1,041 shares during the period. Northcape Wealth Management LLC’s holdings in Bank of America were worth $262,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of BAC. Brookstone Capital Management lifted its holdings in Bank of America by 97.4% during the third quarter. Brookstone Capital Management now owns 158,100 shares of the financial services provider’s stock worth $4,262,000 after buying an additional 78,012 shares during the period. Vicus Capital increased its position in shares of Bank of America by 13.8% during the third quarter. Vicus Capital now owns 11,502 shares of the financial services provider’s stock worth $315,000 after purchasing an additional 1,397 shares in the last quarter. Hoey Investments Inc. increased its position in shares of Bank of America by 4.0% in the 3rd quarter. Hoey Investments Inc. now owns 248,038 shares of the financial services provider’s stock valued at $6,791,000 after acquiring an additional 9,508 shares during the period. Verus Financial Partners Inc. increased its position in shares of Bank of America by 3.5% in the 3rd quarter. Verus Financial Partners Inc. now owns 11,936 shares of the financial services provider’s stock valued at $319,000 after acquiring an additional 400 shares during the period. Finally, Tectonic Advisors LLC increased its position in shares of Bank of America by 5.0% in the 3rd quarter. Tectonic Advisors LLC now owns 23,822 shares of the financial services provider’s stock valued at $652,000 after acquiring an additional 1,136 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

NYSE BAC opened at $37.01 on Wednesday. The stock has a fifty day simple moving average of $36.26 and a 200-day simple moving average of $32.95. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock has a market cap of $292.03 billion, a PE ratio of 12.80, a P/E/G ratio of 1.68 and a beta of 1.39. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $38.49.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.06. The company had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. Bank of America’s revenue was down 1.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.94 earnings per share. Equities analysts anticipate that Bank of America Co. will post 3.19 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.59%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Analyst Ratings Changes

Several equities analysts recently issued reports on BAC shares. Keefe, Bruyette & Woods upped their target price on Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a research report on Friday, April 5th. Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $32.00 to $41.00 in a report on Tuesday, January 30th. BMO Capital Markets upped their price target on shares of Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a report on Thursday, April 18th. Wells Fargo & Company upped their price target on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. Finally, UBS Group reaffirmed a “neutral” rating and issued a $40.00 price target (up from $39.00) on shares of Bank of America in a report on Thursday, April 4th. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $38.59.

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.