Hillsdale Investment Management Inc. Sells 25,280 Shares of Bank of America Corporation $BAC

Hillsdale Investment Management Inc. trimmed its position in shares of Bank of America Corporation (NYSE:BAC) by 61.6% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 15,760 shares of the financial services provider’s stock after selling 25,280 shares during the quarter. Hillsdale Investment Management Inc.’s holdings in Bank of America were worth $813,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Quaker Wealth Management LLC raised its holdings in Bank of America by 246.5% in the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 880 shares in the last quarter. Steph & Co. grew its position in shares of Bank of America by 224.3% in the 3rd quarter. Steph & Co. now owns 548 shares of the financial services provider’s stock worth $28,000 after buying an additional 379 shares during the period. Collier Financial bought a new position in shares of Bank of America in the 3rd quarter worth about $30,000. Marquette Asset Management LLC purchased a new position in Bank of America during the 3rd quarter valued at about $30,000. Finally, Mountain Hill Investment Partners Corp. bought a new stake in Bank of America during the third quarter worth about $31,000. Institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Keefe, Bruyette & Woods decreased their target price on shares of Bank of America from $64.00 to $63.00 and set an “outperform” rating for the company in a research note on Thursday, January 15th. Oppenheimer upped their price target on Bank of America from $55.00 to $63.00 and gave the stock an “outperform” rating in a research note on Thursday, December 18th. Wolfe Research cut Bank of America from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, January 7th. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a research note on Tuesday, January 27th. Finally, JPMorgan Chase & Co. raised their price target on Bank of America from $58.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday, January 6th. Twenty-two analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $60.30.

Bank of America Price Performance

BAC opened at $51.04 on Tuesday. The company’s 50-day simple moving average is $54.21 and its two-hundred day simple moving average is $52.36. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a market capitalization of $372.70 billion, a P/E ratio of 13.33, a P/E/G ratio of 1.30 and a beta of 1.29. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $57.55.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, January 14th. The financial services provider reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.02. Bank of America had a net margin of 16.23% and a return on equity of 11.07%. The firm had revenue of $4.53 billion during the quarter, compared to analysts’ expectations of $27.73 billion. During the same period in the previous year, the company earned $0.82 earnings per share. The firm’s quarterly revenue was up 12.3% on a year-over-year basis. As a group, analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 6th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Friday, March 6th. Bank of America’s dividend payout ratio (DPR) is 29.24%.

Trending Headlines about Bank of America

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Bank of America is committing roughly $25 billion of its balance sheet to private-credit deals, a move that can boost fee income and lending yields as the bank leverages its scale to provide direct financing. This is a clear strategic push into higher-return, fee-generating activity. Read More.
• Positive Sentiment: Merrill (Bank of America’s wealth arm) launched the Direct Markets Group, a specialized trading desk for ultra-high-net-worth individuals and family offices ($50M+). That targets a lucrative client segment and could raise trading/commission revenues and client retention over time. Read More.
• Neutral Sentiment: Bank of America research continues to be active in the market (examples include published stock picks and analyst actions), which raises the firm’s profile but has limited direct impact on BAC’s own fundamentals. These notes can influence market perception but are not company earnings or capital events. Read More.

Bank of America Company Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.