SignalPoint Asset Management LLC Reduces Stock Holdings in Bank of America Co. (NYSE:BAC)

SignalPoint Asset Management LLC cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 1.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 35,166 shares of the financial services provider’s stock after selling 388 shares during the period. SignalPoint Asset Management LLC’s holdings in Bank of America were worth $1,184,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Fort Sheridan Advisors LLC grew its stake in Bank of America by 0.8% in the fourth quarter. Fort Sheridan Advisors LLC now owns 39,526 shares of the financial services provider’s stock valued at $1,309,000 after acquiring an additional 303 shares during the period. Selective Wealth Management Inc. grew its stake in Bank of America by 2.0% in the fourth quarter. Selective Wealth Management Inc. now owns 17,351 shares of the financial services provider’s stock valued at $586,000 after acquiring an additional 334 shares during the period. Fort Point Capital Partners LLC boosted its position in shares of Bank of America by 2.2% during the first quarter. Fort Point Capital Partners LLC now owns 15,918 shares of the financial services provider’s stock worth $656,000 after buying an additional 336 shares during the period. Sweet Financial Partners LLC boosted its position in shares of Bank of America by 1.8% during the fourth quarter. Sweet Financial Partners LLC now owns 19,529 shares of the financial services provider’s stock worth $658,000 after buying an additional 344 shares during the period. Finally, SRS Capital Advisors Inc. boosted its position in shares of Bank of America by 3.5% during the first quarter. SRS Capital Advisors Inc. now owns 10,765 shares of the financial services provider’s stock worth $308,000 after buying an additional 366 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Bank of America

In other Bank of America news, major shareholder Of America Corp /De/ Bank acquired 5,398 shares of the stock in a transaction dated Wednesday, December 27th. The stock was purchased at an average cost of $10.56 per share, with a total value of $57,002.88. Following the transaction, the insider now owns 5,398 shares in the company, valued at approximately $57,002.88. The acquisition was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Odeon Capital Group cut Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective for the company. in a research report on Tuesday, January 16th. BMO Capital Markets reduced their price objective on Bank of America from $37.00 to $36.00 and set a “market perform” rating for the company in a research report on Tuesday, January 16th. Oppenheimer reduced their price objective on Bank of America from $50.00 to $46.00 and set an “outperform” rating for the company in a research report on Tuesday, March 19th. Morgan Stanley raised Bank of America from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $32.00 to $41.00 in a research report on Tuesday, January 30th. Finally, Barclays increased their price target on 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 analyst has rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $35.65.

Bank of America Price Performance

Bank of America stock traded up $0.25 during mid-day trading on Tuesday, reaching $37.11. 33,662,004 shares of the company were exchanged, compared to its average volume of 41,197,430. The company has a fifty day simple moving average of $34.25 and a 200-day simple moving average of $31.20. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $37.61. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a market cap of $292.82 billion, a PE ratio of 12.09, a PEG ratio of 1.69 and a beta of 1.38.

Bank of America (NYSE:BAC) last issued its earnings results on Friday, January 12th. The financial services provider reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.01. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The firm had revenue of $22 billion for the quarter, compared to the consensus estimate of $23.70 billion. During the same quarter last year, the business posted $0.85 EPS. The company’s revenue was down 10.2% compared to the same quarter last year. As a group, equities research analysts expect that Bank of America Co. will post 3.12 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 1st will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.59%. The ex-dividend date is Thursday, February 29th. Bank of America’s dividend payout ratio (DPR) is presently 31.27%.

Bank of America 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.