1900 Wealth Management LLC Has $376,000 Stake in Bank of America Co. (NYSE:BAC)

1900 Wealth Management LLC trimmed its holdings in Bank of America Co. (NYSE:BAC) by 23.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,181 shares of the financial services provider’s stock after selling 3,510 shares during the period. 1900 Wealth Management LLC’s holdings in Bank of America were worth $376,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in BAC. Barclays PLC increased its stake in Bank of America by 97.3% during the 3rd quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock worth $1,130,538,000 after acquiring an additional 20,362,295 shares during the period. Alphinity Investment Management Pty Ltd increased its stake in Bank of America by 1,071.8% during the 4th quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock worth $474,150,000 after acquiring an additional 12,880,492 shares during the period. Darsana Capital Partners LP bought a new position in Bank of America during the 3rd quarter worth $177,970,000. Canada Pension Plan Investment Board increased its stake in Bank of America by 143.5% during the 3rd quarter. Canada Pension Plan Investment Board now owns 10,659,309 shares of the financial services provider’s stock worth $291,852,000 after acquiring an additional 6,281,690 shares during the period. Finally, J.P. Morgan Private Wealth Advisors LLC bought a new position in Bank of America during the 3rd quarter worth $168,610,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of NYSE BAC traded up $0.51 during midday trading on Tuesday, reaching $38.24. The company’s stock had a trading volume of 14,850,731 shares, compared to its average volume of 41,431,254. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $38.35. The firm has a 50 day moving average price of $35.77 and a 200-day moving average price of $32.48. The stock has a market capitalization of $301.74 billion, a P/E ratio of 13.25, a PEG ratio of 1.66 and a beta of 1.39. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The firm had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. During the same quarter in the previous year, the business earned $0.94 EPS. The company’s revenue was down 1.7% compared to the same quarter last year. As a group, equities analysts predict that Bank of America Co. will post 3.17 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.51%. The ex-dividend date of this dividend was Thursday, February 29th. Bank of America’s dividend payout ratio (DPR) is 33.22%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on BAC. UBS Group restated a “neutral” rating and set a $40.00 price objective (up previously from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Odeon Capital Group downgraded Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective on the stock. in a report on Tuesday, January 16th. Keefe, Bruyette & Woods raised their price objective on Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a report on Friday, April 5th. Oppenheimer cut their price objective on Bank of America from $46.00 to $45.00 and set an “outperform” rating on the stock in a report on Wednesday, April 17th. Finally, Wells Fargo & Company raised their price objective on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, Bank of America currently has an average rating of “Hold” and an average target price of $38.53.

Bank of America Company 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.