Cahaba Wealth Management Inc. Sells 2,901 Shares of Bank of America Co. (NYSE:BAC)

Cahaba Wealth Management Inc. decreased its stake in shares of Bank of America Co. (NYSE:BAC) by 19.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 11,810 shares of the financial services provider’s stock after selling 2,901 shares during the quarter. Cahaba Wealth Management Inc.’s holdings in Bank of America were worth $398,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BAC. Moneta Group Investment Advisors LLC boosted its position in shares of Bank of America by 108,111.3% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 193,168,025 shares of the financial services provider’s stock worth $6,397,725,000 after acquiring an additional 192,989,515 shares during the last quarter. Norges Bank bought a new position in shares of Bank of America during the fourth quarter worth $3,436,543,000. Barclays PLC boosted its position in shares of Bank of America by 97.3% during the third quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock worth $1,130,538,000 after acquiring an additional 20,362,295 shares during the last quarter. Snider Financial Group boosted its position in shares of Bank of America by 9,477.3% during the first quarter. Snider Financial Group now owns 14,448,357 shares of the financial services provider’s stock worth $5,956,000 after acquiring an additional 14,297,496 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its position in shares of Bank of America by 3,474.6% during the first quarter. Arrowstreet Capital Limited Partnership now owns 11,658,881 shares of the financial services provider’s stock worth $480,579,000 after acquiring an additional 11,332,721 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on BAC. Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $32.00 to $41.00 in a research report on Tuesday, January 30th. Barclays increased their price objective on shares of Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. HSBC reiterated a “hold” rating and set a $39.00 price objective (up previously from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. Wells Fargo & Company increased their price objective on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Finally, BMO Capital Markets lowered their price objective on shares of Bank of America from $37.00 to $36.00 and set a “market perform” rating for the company in a research report on Tuesday, January 16th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $36.15.

View Our Latest Research Report on BAC

Bank of America Trading Down 0.6 %

Shares of BAC traded down $0.22 during midday trading on Tuesday, hitting $37.30. The stock had a trading volume of 33,961,769 shares, compared to its average volume of 40,920,441. The firm has a market cap of $294.32 billion, a PE ratio of 12.15, a price-to-earnings-growth ratio of 1.75 and a beta of 1.39. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $38.35. The stock’s 50 day moving average is $34.80 and its 200 day moving average is $31.51. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BACGet Free Report) last posted its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.70 EPS for the quarter, topping the consensus estimate of $0.69 by $0.01. The company had revenue of $22 billion for the quarter, compared to the consensus estimate of $23.70 billion. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The firm’s revenue was down 10.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.85 EPS. As a group, analysts forecast that Bank of America Co. will post 3.1 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.57%. The ex-dividend date of this dividend was Thursday, February 29th. Bank of America’s dividend payout ratio is presently 31.27%.

Bank of America Company Profile

(Free Report)

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.

Further Reading

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

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