MONECO Advisors LLC Trims Stake in Bank of America Co. (NYSE:BAC)

MONECO Advisors LLC reduced its stake in Bank of America Co. (NYSE:BAC) by 62.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 25,664 shares of the financial services provider’s stock after selling 41,882 shares during the quarter. MONECO Advisors LLC’s holdings in Bank of America were worth $864,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in BAC. Schechter Investment Advisors LLC lifted its position in Bank of America by 8.2% in the 3rd quarter. Schechter Investment Advisors LLC now owns 55,348 shares of the financial services provider’s stock valued at $1,515,000 after acquiring an additional 4,187 shares in the last quarter. Auxano Advisors LLC lifted its position in Bank of America by 234.5% in the 4th quarter. Auxano Advisors LLC now owns 27,356 shares of the financial services provider’s stock valued at $921,000 after acquiring an additional 19,179 shares in the last quarter. Stonebridge Capital Advisors LLC lifted its position in Bank of America by 3.7% in the 3rd quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock valued at $1,793,000 after acquiring an additional 2,332 shares in the last quarter. Kingswood Wealth Advisors LLC lifted its position in Bank of America by 228.3% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock valued at $2,273,000 after acquiring an additional 46,950 shares in the last quarter. Finally, Sarasin & Partners LLP bought a new position in Bank of America in the 4th quarter valued at approximately $673,000. 70.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

BAC has been the topic of several research analyst reports. Citigroup increased their price target on Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a report on Wednesday, March 20th. BMO Capital Markets increased their price target on Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research note on Thursday, April 18th. Jefferies Financial Group increased their price target on Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research note on Monday, April 8th. Odeon Capital Group lowered Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target for the company. in a research note on Tuesday, January 16th. Finally, Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $32.00 to $41.00 in a research report on Tuesday, January 30th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $38.59.

Bank of America Price Performance

NYSE BAC opened at $36.95 on Wednesday. The firm’s fifty day simple moving average is $36.26 and its two-hundred day simple moving average is $32.95. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $38.49. The firm has a market capitalization of $291.56 billion, a P/E ratio of 12.80, a P/E/G ratio of 1.68 and a beta of 1.39.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping 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 the consensus estimate of $25.49 billion. During the same period in the previous year, the firm posted $0.94 earnings per share. The business’s revenue for the quarter was down 1.7% compared to the same quarter last year. Analysts forecast that Bank of America Co. will post 3.19 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a dividend of $0.24 per share. The ex-dividend date is Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.60%. Bank of America’s payout ratio is currently 33.22%.

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.