Carnegie Lake Advisors LLC Reduces Holdings in Bank of America Co. (NYSE:BAC)

Carnegie Lake Advisors LLC reduced its position in Bank of America Co. (NYSE:BAC) by 0.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 52,782 shares of the financial services provider’s stock after selling 500 shares during the period. Bank of America makes up about 0.9% of Carnegie Lake Advisors LLC’s holdings, making the stock its 27th biggest holding. Carnegie Lake Advisors LLC’s holdings in Bank of America were worth $2,320,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of BAC. Kennebec Savings Bank purchased a new stake in Bank of America during the 3rd quarter worth approximately $29,000. Highline Wealth Partners LLC increased its stake in shares of Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after buying an additional 510 shares during the last quarter. Retirement Wealth Solutions LLC acquired a new stake in Bank of America in the fourth quarter valued at $42,000. POM Investment Strategies LLC boosted its stake in Bank of America by 1,306.5% during the 4th quarter. POM Investment Strategies LLC now owns 1,083 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 1,006 shares during the last quarter. Finally, Northwest Investment Counselors LLC acquired a new position in Bank of America during the 3rd quarter worth $45,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of BAC stock opened at $46.65 on Tuesday. The firm has a market cap of $357.91 billion, a P/E ratio of 14.49, a PEG ratio of 1.29 and a beta of 1.33. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. Bank of America Co. has a fifty-two week low of $32.35 and a fifty-two week high of $48.08. The stock’s 50-day moving average is $45.77 and its two-hundred day moving average is $42.93.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm’s revenue was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.70 earnings per share. Analysts predict that Bank of America Co. will post 3.69 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.23%. The ex-dividend date is Friday, March 7th. Bank of America’s payout ratio is presently 32.30%.

Analyst Upgrades and Downgrades

A number of research firms have commented on BAC. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Oppenheimer raised their price objective on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research note on Tuesday, January 7th. Morgan Stanley raised their price target on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Friday, January 17th. Finally, Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $46.00 to $54.00 in a research report on Friday, November 8th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and an average price target of $48.58.

Bank of America 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.