SlateStone Wealth LLC Sells 7,103 Shares of Bank of America Co. (NYSE:BAC)

SlateStone Wealth LLC cut its holdings in Bank of America Co. (NYSE:BAC) by 37.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,903 shares of the financial services provider’s stock after selling 7,103 shares during the quarter. SlateStone Wealth LLC’s holdings in Bank of America were worth $401,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Barclays PLC lifted its holdings 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 valued at $1,130,538,000 after purchasing an additional 20,362,295 shares during the last quarter. Alphinity Investment Management Pty Ltd raised its holdings in Bank of America by 1,071.8% in the 4th quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock worth $474,150,000 after acquiring an additional 12,880,492 shares during the last quarter. Darsana Capital Partners LP purchased a new position in Bank of America in the 3rd quarter worth approximately $177,970,000. Canada Pension Plan Investment Board raised its holdings in Bank of America by 143.5% in the 3rd quarter. Canada Pension Plan Investment Board now owns 10,659,309 shares of the financial services provider’s stock worth $291,852,000 after acquiring an additional 6,281,690 shares during the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC purchased a new position in Bank of America in the 3rd quarter worth approximately $168,610,000. 70.71% of the stock is owned by institutional investors.

Bank of America Price Performance

BAC stock traded up $0.54 during mid-day trading on Tuesday, hitting $38.27. The company had a trading volume of 26,313,054 shares, compared to its average volume of 41,597,785. The company has a market capitalization of $301.97 billion, a price-to-earnings ratio of 13.27, a P/E/G ratio of 1.66 and a beta of 1.39. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $38.42. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a 50-day moving average price of $35.77 and a 200 day moving average price of $32.48.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.06. The firm had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business’s revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.94 EPS. On average, research analysts anticipate that Bank of America Co. will post 3.17 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were paid a $0.24 dividend. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a yield of 2.51%. Bank of America’s dividend payout ratio is currently 33.22%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on BAC shares. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. Barclays lifted their target price on shares of Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. HSBC reaffirmed a “hold” rating and issued a $39.00 target price (up previously from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $32.00 to $41.00 in a research report on Tuesday, January 30th. Finally, Wells Fargo & Company boosted 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. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $38.53.

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.