Bryn Mawr Capital Management LLC Cuts Stock Position in Bank of America Co. (NYSE:BAC)

Bryn Mawr Capital Management LLC lowered its position in Bank of America Co. (NYSE:BAC) by 96.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,131 shares of the financial services provider’s stock after selling 55,088 shares during the period. Bryn Mawr Capital Management LLC’s holdings in Bank of America were worth $94,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Collier Financial purchased a new position in shares of Bank of America in the 4th quarter worth approximately $25,000. Kennebec Savings Bank purchased a new position in shares of Bank of America in the 3rd quarter worth approximately $29,000. Highline Wealth Partners LLC grew its position in shares of Bank of America by 152.7% in the 4th 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 purchased a new position in shares of Bank of America in the 4th quarter worth approximately $42,000. Finally, POM Investment Strategies LLC grew its position in shares of Bank of America by 1,306.5% in the 4th quarter. POM Investment Strategies LLC now owns 1,083 shares of the financial services provider’s stock worth $48,000 after buying an additional 1,006 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

NYSE:BAC opened at $44.80 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market cap of $343.71 billion, a price-to-earnings ratio of 13.91, a price-to-earnings-growth ratio of 1.22 and a beta of 1.33. The company has a 50 day moving average price of $45.75 and a 200-day moving average price of $43.37. Bank of America Co. has a 1-year low of $33.37 and a 1-year high of $48.08.

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

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.32%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is 32.30%.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Oppenheimer lifted their target price on shares of 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 Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Morgan Stanley lifted their target price on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. Wells Fargo & Company lifted their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and an average target price 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.