Moody National Bank Trust Division Reduces Stock Position in Bank of America Co. (NYSE:BAC)

Moody National Bank Trust Division lessened its holdings in Bank of America Co. (NYSE:BAC) by 49.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 77,838 shares of the financial services provider’s stock after selling 77,440 shares during the quarter. Moody National Bank Trust Division’s holdings in Bank of America were worth $2,621,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in BAC. Roundview Capital LLC increased its stake in shares of Bank of America by 1.5% during the 1st quarter. Roundview Capital LLC now owns 135,764 shares of the financial services provider’s stock worth $5,596,000 after purchasing an additional 2,013 shares in the last quarter. Loomis Sayles & Co. L P lifted its holdings in shares of Bank of America by 150.3% during the 1st quarter. Loomis Sayles & Co. L P now owns 1,985 shares of the financial services provider’s stock valued at $82,000 after acquiring an additional 1,192 shares in the last quarter. NewEdge Advisors LLC lifted its holdings in Bank of America by 4.2% in the 1st quarter. NewEdge Advisors LLC now owns 405,098 shares of the financial services provider’s stock worth $16,698,000 after buying an additional 16,319 shares in the last quarter. First Western Trust Bank acquired a new position in Bank of America in the 1st quarter worth $586,000. Finally, Pearl River Capital LLC acquired a new position in Bank of America in the 1st quarter worth $534,000. Hedge funds and other institutional investors own 68.06% of the company’s stock.

Insider Activity at Bank of America

In other Bank of America news, major shareholder Of America Corp /De/ Bank bought 5,398 shares of Bank of America stock in a transaction on Wednesday, December 27th. The stock was acquired at an average price of $10.56 per share, with a total value of $57,002.88. Following the acquisition, the insider now owns 5,398 shares in the company, valued at $57,002.88. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.27% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

BAC has been the subject of several research analyst reports. Odeon Capital Group downgraded shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price for the company. in a research report on Tuesday, January 16th. Barclays upped their target price on Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. Oppenheimer dropped their target price on Bank of America from $50.00 to $46.00 and set an “outperform” rating on the stock in a report on Tuesday. The Goldman Sachs Group upped their target price on Bank of America from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Friday, December 1st. Finally, BMO Capital Markets reduced their price objective on Bank of America from $37.00 to $36.00 and set a “market perform” rating for the company in a research report on Tuesday, January 16th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $35.65.

Check Out Our Latest Research Report on BAC

Bank of America Price Performance

Shares of BAC traded up $0.72 during midday trading on Wednesday, reaching $36.75. The stock had a trading volume of 40,494,873 shares, compared to its average volume of 41,713,879. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $36.88. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15. The company’s 50-day moving average is $33.93 and its 200 day moving average is $30.96. The company has a market capitalization of $289.98 billion, a price-to-earnings ratio of 11.97, a price-to-earnings-growth ratio of 1.63 and a beta of 1.38.

Bank of America (NYSE:BACGet Free Report) last posted its earnings results on Friday, January 12th. The financial services provider reported $0.70 earnings per share for the quarter, topping 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 firm had revenue of $22 billion for the quarter, compared to the consensus estimate of $23.70 billion. During the same quarter in the prior year, the business earned $0.85 EPS. The business’s revenue for the quarter was down 10.2% on a year-over-year basis. On average, equities analysts predict that Bank of America Co. will post 3.15 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 1st will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.61%. The ex-dividend date is Thursday, February 29th. Bank of America’s dividend payout ratio (DPR) is presently 31.27%.

Bank of America Company Profile

(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.

Further Reading

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

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