Bank of America Co. (NYSE:BAC) Stock Holdings Decreased by Raab & Moskowitz Asset Management LLC

Raab & Moskowitz Asset Management LLC lowered its stake in Bank of America Co. (NYSE:BAC) by 3.2% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 74,992 shares of the financial services provider’s stock after selling 2,506 shares during the period. Raab & Moskowitz Asset Management LLC’s holdings in Bank of America were worth $2,525,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of BAC. Regent Peak Wealth Advisors LLC grew its holdings in shares of Bank of America by 3.2% in the 4th quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock worth $336,000 after purchasing an additional 314 shares during the last quarter. Kennedy Investment Group grew its holdings in Bank of America by 0.6% during the 4th quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock worth $1,953,000 after acquiring an additional 321 shares during the last quarter. Private Ocean LLC grew its holdings in Bank of America by 34.0% during the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 325 shares during the last quarter. Selective Wealth Management Inc. grew its holdings in Bank of America by 2.0% during the 4th quarter. Selective Wealth Management Inc. now owns 17,351 shares of the financial services provider’s stock worth $586,000 after acquiring an additional 334 shares during the last quarter. Finally, Morton Capital Management LLC CA grew its holdings in Bank of America by 3.3% during the 4th quarter. Morton Capital Management LLC CA now owns 10,628 shares of the financial services provider’s stock worth $358,000 after acquiring an additional 341 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $37.83 on Friday. The company has a market capitalization of $298.50 billion, a price-to-earnings ratio of 13.09, a P/E/G ratio of 1.69 and a beta of 1.39. The firm’s 50 day simple moving average is $36.13 and its 200 day simple moving average is $32.76. 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 Co. has a fifty-two week low of $24.96 and a fifty-two week high of $38.49.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The business had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. Bank of America’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same period last year, the company posted $0.94 EPS. As a group, sell-side analysts forecast that Bank of America Co. will post 3.19 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 annualized dividend and a yield of 2.54%. Bank of America’s dividend payout ratio (DPR) is currently 33.22%.

Analyst Ratings Changes

A number of brokerages have commented on BAC. Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $32.00 to $41.00 in a report on Tuesday, January 30th. Wolfe Research raised shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective on the stock in a report on Friday, April 19th. HSBC reaffirmed a “hold” rating and issued a $39.00 target price (up previously from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Citigroup raised their target price on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, March 20th. Finally, BMO Capital Markets raised their target price on shares of Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research note on Thursday, April 18th. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, Bank of America currently has an average rating of “Hold” and an average price target of $38.53.

About Bank of America

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.