Folger Nolan Fleming Douglas Capital Management Inc. Lowers Stock Position in Bank of America Co. (NYSE:BAC)

Folger Nolan Fleming Douglas Capital Management Inc. lowered its position in Bank of America Co. (NYSE:BAC) by 3.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 46,038 shares of the financial services provider’s stock after selling 1,522 shares during the period. Folger Nolan Fleming Douglas Capital Management Inc.’s holdings in Bank of America were worth $1,550,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in BAC. Unique Wealth Strategies LLC purchased a new position in shares of Bank of America in the fourth quarter worth about $355,000. Consolidated Planning Corp purchased a new position in shares of Bank of America in the fourth quarter worth about $271,000. Intact Investment Management Inc. increased its stake in shares of Bank of America by 47.6% in the fourth quarter. Intact Investment Management Inc. now owns 383,100 shares of the financial services provider’s stock worth $12,899,000 after purchasing an additional 123,600 shares in the last quarter. Alliance Wealth Advisors LLC UT purchased a new position in shares of Bank of America in the fourth quarter worth about $239,000. Finally, Brio Consultants LLC purchased a new position in shares of Bank of America in the fourth quarter worth about $227,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the subject of several recent research reports. Jefferies Financial Group lifted their target price on shares of Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research note on Monday, April 8th. UBS Group restated a “neutral” rating and issued a $40.00 price objective (up from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Wells Fargo & Company raised their price objective on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Evercore ISI raised their price objective on shares of Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Finally, Barclays raised their price objective on shares of Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $38.53.

Bank of America Trading Down 0.2 %

Shares of NYSE BAC traded down $0.08 during mid-day trading on Friday, hitting $37.83. The stock had a trading volume of 28,668,680 shares, compared to its average volume of 40,953,860. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The business has a 50 day moving average price of $36.13 and a two-hundred day moving average price of $32.72. The firm has a market cap of $298.50 billion, a P/E ratio of 13.09, a price-to-earnings-growth ratio of 1.70 and a beta of 1.39. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $38.49.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The business had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.94 EPS. On average, equities analysts anticipate that Bank of America Co. will post 3.19 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.54%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s payout ratio is currently 33.22%.

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.