Bank of America Co. (NYSE:BAC) Stock Holdings Lowered by Signet Financial Management LLC

Signet Financial Management LLC trimmed its holdings in shares of Bank of America Co. (NYSE:BAC) by 0.5% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 124,253 shares of the financial services provider’s stock after selling 651 shares during the quarter. Signet Financial Management LLC’s holdings in Bank of America were worth $5,461,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Longfellow Investment Management Co. LLC raised its holdings in shares of Bank of America by 0.6% in the third quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock valued at $1,484,000 after buying an additional 227 shares during the last quarter. Beacon Investment Advisory Services Inc. raised its stake in shares of Bank of America by 1.1% in the third quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock worth $828,000 after acquiring an additional 231 shares during the last quarter. Integrity Financial Corp WA lifted its position in shares of Bank of America by 1.6% during the third quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock worth $590,000 after purchasing an additional 240 shares in the last quarter. Cahill Financial Advisors Inc. grew its stake in shares of Bank of America by 2.1% during the third quarter. Cahill Financial Advisors Inc. now owns 12,231 shares of the financial services provider’s stock valued at $485,000 after purchasing an additional 249 shares during the last quarter. Finally, Chicago Capital LLC increased its holdings in shares of Bank of America by 1.8% in the third quarter. Chicago Capital LLC now owns 13,923 shares of the financial services provider’s stock valued at $552,000 after purchasing an additional 250 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

BAC has been the topic of several research reports. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a report on Tuesday, January 7th. Royal Bank of Canada reissued an “outperform” rating and set a $46.00 price objective on shares of Bank of America in a report on Wednesday, October 9th. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a research note on Friday, October 18th. Finally, Wells Fargo & Company boosted their price target on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $47.50.

Bank of America Trading Down 0.0 %

NYSE:BAC opened at $45.09 on Tuesday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The business’s 50-day simple moving average is $45.61 and its 200-day simple moving average is $42.27. Bank of America Co. has a fifty-two week low of $31.27 and a fifty-two week high of $48.08. The stock 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.

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 for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same quarter in the previous year, the firm posted $0.90 earnings per share. The business’s revenue was up .4% on a year-over-year basis. Sell-side analysts expect that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Announces Dividend

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

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.