Cahaba Wealth Management Inc. Has $398,000 Stock Position in Bank of America Co. (NYSE:BAC)

Cahaba Wealth Management Inc. lowered its position in shares of Bank of America Co. (NYSE:BAC) by 19.7% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 11,810 shares of the financial services provider’s stock after selling 2,901 shares during the quarter. Cahaba Wealth Management Inc.’s holdings in Bank of America were worth $398,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of BAC. Moneta Group Investment Advisors LLC lifted its holdings in shares of Bank of America by 108,111.3% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 193,168,025 shares of the financial services provider’s stock worth $6,397,725,000 after buying an additional 192,989,515 shares in the last quarter. Norges Bank acquired a new position in Bank of America in the fourth quarter valued at about $3,436,543,000. Barclays PLC raised its stake in Bank of America by 97.3% in the third quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock valued at $1,130,538,000 after purchasing an additional 20,362,295 shares in the last quarter. Snider Financial Group raised its stake in Bank of America by 9,477.3% in the first quarter. Snider Financial Group now owns 14,448,357 shares of the financial services provider’s stock valued at $5,956,000 after purchasing an additional 14,297,496 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its stake in Bank of America by 3,474.6% in the first quarter. Arrowstreet Capital Limited Partnership now owns 11,658,881 shares of the financial services provider’s stock valued at $480,579,000 after purchasing an additional 11,332,721 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of Bank of America stock traded down $0.22 during trading hours on Tuesday, hitting $37.30. 33,961,769 shares of the company’s stock traded hands, compared to its average volume of 40,920,441. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $38.35. The stock has a market capitalization of $294.32 billion, a price-to-earnings ratio of 12.15, a PEG ratio of 1.75 and a beta of 1.39. The company has a fifty day simple moving average of $34.80 and a 200-day simple moving average of $31.51. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BACGet Free Report) last announced its earnings results on Friday, January 12th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $23.70 billion. During the same period last year, the firm posted $0.85 EPS. The business’s revenue was down 10.2% compared to the same quarter last year. Equities research analysts anticipate that Bank of America Co. will post 3.1 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were paid a dividend of $0.24 per share. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.96 annualized dividend and a dividend yield of 2.57%. Bank of America’s payout ratio is 31.27%.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of analyst reports. HSBC reaffirmed a “hold” rating and issued a $39.00 price target (up previously from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Wells Fargo & Company boosted their price target on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Oppenheimer dropped their price target on Bank of America from $50.00 to $46.00 and set an “outperform” rating for the company in a research note on Tuesday, March 19th. Morgan Stanley raised Bank of America from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $32.00 to $41.00 in a research note on Tuesday, January 30th. Finally, Citigroup boosted their target price on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 20th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $36.15.

View Our Latest Analysis on BAC

About Bank of America

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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