Edmond DE Rothschild Holding S.A. Cuts Stake in Bank of America Co. (NYSE:BAC)

Edmond DE Rothschild Holding S.A. cut its holdings in Bank of America Co. (NYSE:BAC) by 13.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,161,877 shares of the financial services provider’s stock after selling 664,567 shares during the period. Bank of America makes up 3.1% of Edmond DE Rothschild Holding S.A.’s investment portfolio, making the stock its 5th biggest holding. Edmond DE Rothschild Holding S.A. owned 0.05% of Bank of America worth $182,914,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the business. Collier Financial bought a new position in shares of Bank of America in the 4th quarter valued at approximately $25,000. Life Planning Partners Inc raised its position in shares of Bank of America by 3,883.2% in the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 545,936 shares during the period. Graney & King LLC bought a new position in shares of Bank of America in the fourth quarter valued at approximately $25,000. Fairway Wealth LLC acquired a new stake in shares of Bank of America in the fourth quarter worth $29,000. Finally, Highline Wealth Partners LLC boosted its holdings in shares of Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after buying an additional 510 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research report on Tuesday, January 7th. Oppenheimer increased their target price on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. Barclays lifted their price target on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Finally, Citigroup dropped their target price on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, March 24th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have given a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $48.45.

Bank of America Stock Performance

Bank of America stock opened at $41.24 on Monday. The firm has a market capitalization of $313.50 billion, a P/E ratio of 12.81, a P/E/G ratio of 1.21 and a beta of 1.32. The stock has a fifty day moving average price of $44.45 and a two-hundred day moving average price of $43.93. Bank of America Co. has a 52-week low of $34.15 and a 52-week high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

Bank of America (NYSE:BAC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter last year, the company posted $0.70 EPS. As a group, analysts anticipate that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.52%. The ex-dividend date was Friday, March 7th. Bank of America’s payout ratio is currently 32.30%.

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.