BIP Wealth LLC Decreases Stock Holdings in Bank of America Co. (NYSE:BAC)

BIP Wealth LLC trimmed its stake in shares of Bank of America Co. (NYSE:BAC) by 4.5% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 17,951 shares of the financial services provider’s stock after selling 850 shares during the period. BIP Wealth LLC’s holdings in Bank of America were worth $604,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Fortis Group Advisors LLC bought a new position in Bank of America during the third quarter valued at $25,000. Criterion Capital Advisors LLC bought a new stake in shares of Bank of America in the 4th quarter valued at about $32,000. Glass Jacobson Investment Advisors llc boosted its holdings in shares of Bank of America by 98.1% in the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after buying an additional 504 shares in the last quarter. ZRC Wealth Management LLC boosted its stake in Bank of America by 192.3% in the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 750 shares in the last quarter. Finally, Private Ocean LLC boosted its stake in Bank of America by 34.0% in the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 325 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on BAC shares. HSBC reissued a “hold” rating and set a $39.00 price target (up from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. Evercore ISI boosted their price target on shares of Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. Wells Fargo & Company boosted their price target on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Keefe, Bruyette & Woods lifted their target price on shares of Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a research note on Friday, April 5th. Finally, Oppenheimer lowered their target price on shares of Bank of America from $46.00 to $45.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 17th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $38.53.

Bank of America Stock Performance

Shares of BAC stock traded down $0.51 during trading hours on Thursday, hitting $37.81. The stock had a trading volume of 21,296,537 shares, compared to its average volume of 41,340,930. The firm has a market capitalization of $298.35 billion, a PE ratio of 13.04, a PEG ratio of 1.73 and a beta of 1.39. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $38.49. The stock’s 50 day moving average is $35.98 and its 200 day moving average is $32.61. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. During the same period in the prior year, the company earned $0.94 earnings per share. The company’s revenue was down 1.7% compared to the same quarter last year. As a group, research analysts forecast that Bank of America Co. will post 3.18 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.54%. The ex-dividend date was Thursday, February 29th. Bank of America’s payout ratio is 33.22%.

Bank of America Company 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.