Lafayette Investments Inc. Trims Stock Holdings in Bank of America Corp (NYSE:BAC)

Lafayette Investments Inc. decreased its stake in Bank of America Corp (NYSE:BAC) by 2.4% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 64,806 shares of the financial services provider’s stock after selling 1,599 shares during the period. Lafayette Investments Inc.’s holdings in Bank of America were worth $2,282,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. YHB Investment Advisors Inc. raised its holdings in Bank of America by 1.9% during the 3rd quarter. YHB Investment Advisors Inc. now owns 32,863 shares of the financial services provider’s stock worth $959,000 after buying an additional 610 shares during the period. United Capital Management of KS Inc. increased its stake in shares of Bank of America by 4.8% in the third quarter. United Capital Management of KS Inc. now owns 63,424 shares of the financial services provider’s stock valued at $1,796,000 after buying an additional 2,891 shares during the period. Boenning & Scattergood Inc. increased its stake in shares of Bank of America by 14.3% in the third quarter. Boenning & Scattergood Inc. now owns 102,429 shares of the financial services provider’s stock valued at $2,988,000 after buying an additional 12,782 shares during the period. IFG Advisors LLC acquired a new position in shares of Bank of America in the third quarter valued at approximately $290,000. Finally, Rainey & Randall Investment Management Inc. increased its stake in shares of Bank of America by 3.5% in the third quarter. Rainey & Randall Investment Management Inc. now owns 10,415 shares of the financial services provider’s stock valued at $304,000 after buying an additional 356 shares during the period. Institutional investors and hedge funds own 69.15% of the company’s stock.

Shares of Bank of America stock traded up $0.26 on Tuesday, reaching $34.95. 3,038,320 shares of the company’s stock were exchanged, compared to its average volume of 46,247,348. The company has a market capitalization of $312.04 billion, a P/E ratio of 12.75, a price-to-earnings-growth ratio of 1.26 and a beta of 1.60. Bank of America Corp has a 52 week low of $26.21 and a 52 week high of $35.72. The firm’s 50-day moving average is $34.49 and its two-hundred day moving average is $31.46. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.90 and a current ratio of 0.91.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, January 15th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.05. Bank of America had a return on equity of 11.95% and a net margin of 24.15%. The company had revenue of $22.30 billion for the quarter, compared to analysts’ expectations of $22.30 billion. During the same period last year, the business earned $0.70 EPS. Bank of America’s quarterly revenue was down 1.8% compared to the same quarter last year. On average, analysts expect that Bank of America Corp will post 3.05 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 6th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.06%. The ex-dividend date of this dividend is Thursday, March 5th. Bank of America’s dividend payout ratio is currently 24.49%.

Several research analysts have recently issued reports on BAC shares. BMO Capital Markets downgraded Bank of America from an “outperform” rating to a “market perform” rating and set a $37.00 price objective for the company. in a research note on Thursday, January 2nd. Wells Fargo & Co set a $34.00 target price on shares of Bank of America and gave the company a “buy” rating in a research report on Tuesday, October 15th. DA Davidson initiated coverage on shares of Bank of America in a research report on Wednesday, January 8th. They set a “neutral” rating and a $36.00 target price for the company. Odeon Capital Group raised shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Monday, October 28th. Finally, Societe Generale downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Tuesday, October 29th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have issued a buy rating to the stock. Bank of America has a consensus rating of “Hold” and an average price target of $35.29.

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

Further Reading: How is a buy-side analyst different from a sell-side analyst?

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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