Harbor Advisory Corp MA Has $798,000 Stock Position in Bank of America Co. (NYSE:BAC)

Harbor Advisory Corp MA trimmed its position in Bank of America Co. (NYSE:BAC) by 17.9% in the fourth quarter, HoldingsChannel reports. The firm owned 23,695 shares of the financial services provider’s stock after selling 5,150 shares during the quarter. Harbor Advisory Corp MA’s holdings in Bank of America were worth $798,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of BAC. Barclays PLC raised its position in shares of 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 valued at $1,130,538,000 after buying an additional 20,362,295 shares in the last quarter. Alphinity Investment Management Pty Ltd raised its stake in shares of Bank of America by 1,071.8% in the fourth quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock valued at $474,150,000 after acquiring an additional 12,880,492 shares during the period. Darsana Capital Partners LP purchased a new stake in shares of Bank of America in the third quarter valued at $177,970,000. Canada Pension Plan Investment Board grew its holdings in shares of Bank of America by 143.5% in the third quarter. Canada Pension Plan Investment Board now owns 10,659,309 shares of the financial services provider’s stock worth $291,852,000 after purchasing an additional 6,281,690 shares during the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC bought a new position in Bank of America during the 3rd quarter worth about $168,610,000. 70.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

BAC has been the subject of a number of recent analyst reports. HSBC reiterated a “hold” rating and issued a $39.00 target price (up from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $32.00 to $41.00 in a research report on Tuesday, January 30th. Wolfe Research upgraded shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price on the stock in a research note on Friday, April 19th. Odeon Capital Group lowered shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target on the stock. in a research note on Tuesday, January 16th. Finally, Barclays increased their price target on Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $38.53.

Bank of America Stock Performance

Shares of NYSE BAC traded up $0.02 during midday trading on Monday, hitting $37.85. The company’s stock had a trading volume of 7,721,450 shares, compared to its average volume of 41,027,871. The stock has a fifty day moving average price of $36.13 and a 200 day moving average price of $32.80. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm has a market capitalization of $298.66 billion, a price-to-earnings ratio of 13.13, a P/E/G ratio of 1.69 and a beta of 1.39. Bank of America Co. has a one year low of $24.96 and a one year 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 the consensus estimate of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. During the same quarter in the prior year, the company posted $0.94 EPS. The firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. On average, research analysts forecast that Bank of America Co. will post 3.19 EPS for the current fiscal year.

Bank of America Announces Dividend

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

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.