Bank of America Co. (NYSE:BAC) Position Trimmed by Franklin Street Advisors Inc. NC

Franklin Street Advisors Inc. NC lowered its position in Bank of America Co. (NYSE:BAC) by 6.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,697 shares of the financial services provider’s stock after selling 735 shares during the quarter. Franklin Street Advisors Inc. NC’s holdings in Bank of America were worth $470,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the business. Accent Capital Management LLC raised its holdings in Bank of America by 43.0% in the 3rd quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after acquiring an additional 11,873 shares during the period. Summit Global Investments increased its stake in shares of Bank of America by 237.6% in the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock worth $2,035,000 after purchasing an additional 36,089 shares during the period. Geode Capital Management LLC lifted its position in shares of Bank of America by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after purchasing an additional 1,700,141 shares during the last quarter. Baker Avenue Asset Management LP boosted its stake in Bank of America by 125.8% during the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock valued at $2,421,000 after purchasing an additional 33,983 shares during the period. Finally, Copley Financial Group Inc. acquired a new stake in Bank of America in the 3rd quarter valued at approximately $550,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BAC has been the topic of several research analyst reports. Oppenheimer lowered their price objective on shares of Bank of America from $57.00 to $54.00 and set an “outperform” rating on the stock in a research note on Friday, January 3rd. Keefe, Bruyette & Woods increased their target price on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Morgan Stanley cut Bank of America from an “overweight” rating to an “equal weight” rating and upped their price target for the company from $48.00 to $55.00 in a report on Monday, December 9th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the stock from $43.00 to $53.00 in a research report on Tuesday. Finally, Evercore ISI upped their target price on shares of Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $47.50.

Bank of America Stock Down 3.1 %

Shares of Bank of America stock traded down $1.42 during trading on Friday, hitting $44.79. The company’s stock had a trading volume of 16,335,613 shares, compared to its average volume of 29,360,404. The company has a fifty day simple moving average of $45.46 and a two-hundred day simple moving average of $42.15. Bank of America Co. has a 52 week low of $31.27 and a 52 week high of $48.08. The company has a market capitalization of $343.67 billion, a PE ratio of 16.29, a P/E/G ratio of 1.55 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. The firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business’s revenue for the quarter was up .4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.90 earnings per share. Equities research analysts predict that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 6th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.32%. The ex-dividend date of this dividend was Friday, December 6th. Bank of America’s dividend payout ratio is currently 37.82%.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total value of $369,952,591.90. Following the sale, the insider now owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. The trade was a 1.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.29% of the company’s stock.

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.