M&R Capital Management Inc. Sells 1,410 Shares of Bank of America Co. (NYSE:BAC)

M&R Capital Management Inc. cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 3.7% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 37,157 shares of the financial services provider’s stock after selling 1,410 shares during the period. M&R Capital Management Inc.’s holdings in Bank of America were worth $1,231,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Avondale Wealth Management acquired a new stake in Bank of America in the third quarter valued at approximately $30,000. WD Rutherford LLC acquired a new stake in Bank of America in the third quarter valued at approximately $33,000. Ten Capital Wealth Advisors LLC boosted its stake in Bank of America by 1,491.8% in the third quarter. Ten Capital Wealth Advisors LLC now owns 1,162 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 1,089 shares in the last quarter. Capital Advisors Ltd. LLC boosted its stake in Bank of America by 35.1% in the third quarter. Capital Advisors Ltd. LLC now owns 1,500 shares of the financial services provider’s stock valued at $45,000 after acquiring an additional 390 shares in the last quarter. Finally, Moisand Fitzgerald Tamayo LLC boosted its stake in Bank of America by 58.0% in the third quarter. Moisand Fitzgerald Tamayo LLC now owns 1,593 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 585 shares in the last quarter. 68.34% of the stock is currently owned by institutional investors.

Insider Activity at Bank of America

In related news, insider Matthew M. Koder sold 105,054 shares of the firm’s stock in a transaction on Thursday, February 23rd. The shares were sold at an average price of $34.27, for a total transaction of $3,600,200.58. Following the sale, the insider now owns 319,803 shares in the company, valued at $10,959,648.81. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, insider Matthew M. Koder sold 105,054 shares of Bank of America stock in a transaction dated Thursday, February 23rd. The shares were sold at an average price of $34.27, for a total value of $3,600,200.58. Following the sale, the insider now owns 319,803 shares in the company, valued at $10,959,648.81. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Matthew M. Koder sold 214,745 shares of Bank of America stock in a transaction dated Thursday, February 2nd. The shares were sold at an average price of $35.91, for a total transaction of $7,711,492.95. Following the completion of the sale, the insider now owns 214,747 shares in the company, valued at approximately $7,711,564.77. The disclosure for this sale can be found here. 0.27% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on BAC shares. Atlantic Securities downgraded shares of Bank of America from an “overweight” rating to a “neutral” rating and set a $40.00 target price for the company. in a research note on Tuesday, January 31st. Barclays decreased their price target on shares of Bank of America from $51.00 to $48.00 and set an “overweight” rating for the company in a report on Tuesday, January 3rd. Oppenheimer raised their price target on shares of Bank of America from $50.00 to $53.00 and gave the stock an “outperform” rating in a report on Thursday, February 2nd. StockNews.com started coverage on shares of Bank of America in a report on Thursday. They issued a “hold” rating for the company. Finally, Odeon Capital Group cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $35.20 price target for the company. in a report on Wednesday, March 8th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Bank of America currently has a consensus rating of “Hold” and a consensus price target of $40.16.

Bank of America Stock Performance

BAC stock traded down $1.15 during midday trading on Friday, hitting $27.82. 130,665,529 shares of the stock traded hands, compared to its average volume of 51,705,035. The firm has a market cap of $222.67 billion, a P/E ratio of 8.72, a PEG ratio of 1.21 and a beta of 1.40. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.78 and a quick ratio of 0.77. The stock’s fifty day simple moving average is $34.02 and its 200-day simple moving average is $34.07. Bank of America Co. has a 1-year low of $27.62 and a 1-year high of $44.63.

Bank of America (NYSE:BAC – Get Rating) last released its quarterly earnings results on Friday, January 13th. The financial services provider reported $0.85 EPS for the quarter, beating the consensus estimate of $0.76 by $0.09. The company had revenue of $24.50 billion for the quarter, compared to analyst estimates of $24.17 billion. Bank of America had a net margin of 23.93% and a return on equity of 11.41%. The firm’s revenue was up 11.1% on a year-over-year basis. During the same quarter last year, the business earned $0.82 earnings per share. On average, analysts expect that Bank of America Co. will post 3.38 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 31st. Investors of record on Friday, March 3rd will be given a dividend of $0.22 per share. The ex-dividend date is Thursday, March 2nd. This represents a $0.88 annualized dividend and a yield of 3.16%. Bank of America’s dividend payout ratio is presently 27.59%.

Bank of America Profile

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Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.