Bank of America Co. (NYSE:BAC) Shares Sold by Shorepath Capital Management LLC

Shorepath Capital Management LLC cut its stake in shares of Bank of America Co. (NYSE:BAC) by 3.7% in the fourth quarter, HoldingsChannel.com reports. The fund owned 272,839 shares of the financial services provider’s stock after selling 10,480 shares during the period. Bank of America makes up about 8.6% of Shorepath Capital Management LLC’s investment portfolio, making the stock its biggest position. Shorepath Capital Management LLC’s holdings in Bank of America were worth $11,991,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Two Sigma Advisers LP raised its position in shares of Bank of America by 31,021.6% during the 3rd quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock valued at $405,049,000 after buying an additional 10,175,100 shares during the period. 1832 Asset Management L.P. raised its position in Bank of America by 1,432.1% in the second quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock valued at $244,627,000 after purchasing an additional 5,749,567 shares during the period. Caisse DE Depot ET Placement DU Quebec grew its holdings in shares of Bank of America by 193.4% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock worth $301,898,000 after purchasing an additional 5,015,378 shares during the period. International Assets Investment Management LLC lifted its position in Bank of America by 3,550.7% in the third quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock valued at $1,804,560,000 after buying an additional 4,423,215 shares during the last quarter. Finally, D1 Capital Partners L.P. acquired a new stake in shares of Bank of America in the third quarter valued at $174,858,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Trading Down 0.0 %

BAC stock opened at $45.09 on Tuesday. Bank of America Co. has a one year low of $31.27 and a one year high of $48.08. The company has a market capitalization of $345.97 billion, a PE ratio of 16.40, a price-to-earnings-growth ratio of 1.55 and a beta of 1.33. The company’s 50 day moving average price is $45.61 and its two-hundred day moving average price is $42.27. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. The company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. Bank of America’s revenue was up .4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.90 EPS. As a group, analysts predict that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 6th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date was Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Analysts Set New Price Targets

BAC has been the topic of a number of analyst reports. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Evercore ISI raised their price target on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective on the stock in a research note on Friday, October 18th. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Finally, HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $47.50.

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.