Abbrea Capital LLC Has $2.22 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Abbrea Capital LLC lessened its position in Bank of America Co. (NYSE:BAC) by 7.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 65,916 shares of the financial services provider’s stock after selling 5,040 shares during the quarter. Abbrea Capital LLC’s holdings in Bank of America were worth $2,219,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of BAC. Impact Partnership Wealth LLC raised its position in Bank of America by 879.9% in the 3rd quarter. Impact Partnership Wealth LLC now owns 2,244 shares of the financial services provider’s stock valued at $61,000 after buying an additional 2,015 shares during the last quarter. GHP Investment Advisors Inc. increased its position in shares of Bank of America by 2.6% during the 3rd quarter. GHP Investment Advisors Inc. now owns 127,343 shares of the financial services provider’s stock worth $3,408,000 after purchasing an additional 3,170 shares during the last quarter. Carolina Wealth Advisors LLC increased its position in shares of Bank of America by 3,372.9% during the 3rd quarter. Carolina Wealth Advisors LLC now owns 2,431 shares of the financial services provider’s stock worth $67,000 after purchasing an additional 2,361 shares during the last quarter. Meridian Wealth Management LLC increased its position in shares of Bank of America by 79.5% during the 3rd quarter. Meridian Wealth Management LLC now owns 74,154 shares of the financial services provider’s stock worth $2,030,000 after purchasing an additional 32,847 shares during the last quarter. Finally, CreativeOne Wealth LLC increased its position in shares of Bank of America by 67.4% during the 3rd quarter. CreativeOne Wealth LLC now owns 64,962 shares of the financial services provider’s stock worth $1,779,000 after purchasing an additional 26,160 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

BAC traded down $0.08 on Friday, reaching $37.83. The stock had a trading volume of 28,515,049 shares, compared to its average volume of 41,442,855. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $38.49. The firm has a 50-day moving average of $36.06 and a 200-day moving average of $32.64. 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 company has a market capitalization of $298.50 billion, a price-to-earnings ratio of 13.15, a price-to-earnings-growth ratio of 1.72 and a beta of 1.39.

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

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.54%. Bank of America’s payout ratio is presently 33.22%.

Analyst Upgrades and Downgrades

BAC has been the subject of several research analyst reports. Citigroup lifted their target price on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 20th. Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price for the company in a research note on Friday, April 19th. Barclays lifted their target price on Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. Oppenheimer reduced 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. Finally, Evercore ISI lifted their target price on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research note on Thursday, April 4th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $38.53.

Bank of America Company 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.