Garner Asset Management Corp Decreases Stock Holdings in Bank of America Corporation $BAC

Garner Asset Management Corp trimmed its position in shares of Bank of America Corporation (NYSE:BAC) by 4.6% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 22,916 shares of the financial services provider’s stock after selling 1,098 shares during the quarter. Garner Asset Management Corp’s holdings in Bank of America were worth $1,084,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of BAC. Boston Common Asset Management LLC boosted its stake in shares of Bank of America by 10.5% during the 2nd quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock valued at $12,288,000 after purchasing an additional 24,740 shares in the last quarter. Disciplined Investments LLC purchased a new stake in Bank of America in the second quarter worth about $217,000. Nicholas Hoffman & Company LLC. boosted its position in Bank of America by 121.0% during the 1st quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock valued at $2,589,000 after acquiring an additional 33,963 shares in the last quarter. Sunbeam Capital Management LLC grew its holdings in shares of Bank of America by 7.3% during the 2nd quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock worth $306,000 after acquiring an additional 439 shares during the period. Finally, CCG Wealth Management LLC bought a new position in shares of Bank of America in the 2nd quarter worth approximately $287,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Shares of Bank of America stock opened at $53.01 on Thursday. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $54.69. The firm’s 50-day moving average is $51.85 and its 200 day moving average is $48.66. The stock has a market cap of $387.07 billion, a price-to-earnings ratio of 14.44, a PEG ratio of 1.99 and a beta of 1.34. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. The business had revenue of $5.35 billion during the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. Bank of America’s revenue was up 10.8% compared to the same quarter last year. During the same period last year, the business earned $0.81 EPS. Sell-side analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Friday, December 5th. Bank of America’s payout ratio is presently 30.52%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on BAC shares. Phillip Securities lifted their price target on Bank of America from $50.00 to $56.00 in a research report on Tuesday, October 21st. Oppenheimer lowered their price objective on Bank of America from $57.00 to $55.00 and set an “outperform” rating for the company in a research report on Wednesday, November 19th. Wells Fargo & Company upped their target price on shares of Bank of America from $60.00 to $62.00 and gave the stock an “overweight” rating in a research report on Monday, October 27th. Dbs Bank upgraded shares of Bank of America to a “moderate buy” rating in a research note on Wednesday, October 22nd. Finally, The Goldman Sachs Group dropped their price objective on shares of Bank of America from $60.00 to $58.00 and set a “buy” rating on the stock in a research note on Monday, October 27th. Twenty-three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $57.77.

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.