Signet Financial Management LLC Cuts Stake in Bank of America Co. (NYSE:BAC)

Signet Financial Management LLC cut its stake in shares of Bank of America Co. (NYSE:BAC) by 4.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 138,928 shares of the financial services provider’s stock after selling 5,904 shares during the quarter. Signet Financial Management LLC’s holdings in Bank of America were worth $4,678,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Fortis Group Advisors LLC acquired a new stake in Bank of America in the 3rd quarter valued at about $25,000. Glass Jacobson Investment Advisors llc grew its stake in Bank of America by 98.1% in the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 504 shares during the last quarter. Castleview Partners LLC acquired a new stake in Bank of America in the 1st quarter valued at about $28,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Bank of America during the 1st quarter worth about $34,000. Finally, ZRC Wealth Management LLC boosted its stake in shares of Bank of America by 192.3% during the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 750 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of Bank of America stock traded down $1.47 during trading on Tuesday, hitting $34.48. 64,447,110 shares of the stock were exchanged, compared to its average volume of 40,760,801. The stock’s fifty day moving average is $35.48 and its 200 day moving average is $32.14. The stock has a market cap of $272.07 billion, a PE ratio of 11.31, a P/E/G ratio of 1.63 and a beta of 1.39. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.80 and a current ratio of 0.80. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $38.35.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.01. The business had revenue of $22 billion during the quarter, compared to the consensus estimate of $23.70 billion. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The company’s quarterly revenue was down 10.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.85 earnings per share. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.13 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date was Thursday, February 29th. Bank of America’s payout ratio is 31.27%.

Wall Street Analysts Forecast Growth

BAC has been the topic of several analyst reports. Barclays raised their price target on shares of Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. Jefferies Financial Group raised their price target on shares of Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research note on Monday, April 8th. HSBC reaffirmed a “hold” rating and set a $39.00 price target (up from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. BMO Capital Markets reduced their price target on shares of Bank of America from $37.00 to $36.00 and set a “market perform” rating on the stock in a research report on Tuesday, January 16th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a research report on Friday, April 5th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Bank of America currently has an average rating of “Hold” and a consensus target price of $38.29.

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.