Fulton Bank N.A. Has $5.86 Million Holdings in Bank of America Corporation $BAC

Fulton Bank N.A. decreased its holdings in Bank of America Corporation (NYSE:BAC) by 10.3% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 113,627 shares of the financial services provider’s stock after selling 13,013 shares during the quarter. Fulton Bank N.A.’s holdings in Bank of America were worth $5,862,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also made changes to their positions in BAC. Synergy Asset Management LLC lifted its holdings in Bank of America by 260.7% during the 3rd quarter. Synergy Asset Management LLC now owns 122,429 shares of the financial services provider’s stock valued at $6,171,000 after purchasing an additional 88,490 shares during the last quarter. Tradewinds Capital Management LLC raised its position in shares of Bank of America by 5.0% in the third quarter. Tradewinds Capital Management LLC now owns 10,266 shares of the financial services provider’s stock valued at $530,000 after purchasing an additional 490 shares during the period. Simon Quick Advisors LLC lifted its stake in shares of Bank of America by 13.1% during the 3rd quarter. Simon Quick Advisors LLC now owns 653,321 shares of the financial services provider’s stock worth $33,705,000 after buying an additional 75,756 shares during the last quarter. Brave Asset Management Inc. lifted its stake in shares of Bank of America by 160.2% during the 3rd quarter. Brave Asset Management Inc. now owns 26,999 shares of the financial services provider’s stock worth $1,393,000 after buying an additional 16,624 shares during the last quarter. Finally, GAM Holding AG boosted its holdings in shares of Bank of America by 46.6% during the 3rd quarter. GAM Holding AG now owns 40,029 shares of the financial services provider’s stock worth $2,065,000 after buying an additional 12,728 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on BAC shares. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, September 30th. HSBC boosted their price target on Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a research note on Thursday, October 2nd. Wall Street Zen upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Sunday, December 28th. Evercore ISI lifted their target price on Bank of America from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Thursday, October 16th. Finally, UBS Group upped their price target on shares of Bank of America from $55.00 to $57.00 and gave the company a “buy” rating in a research note on Tuesday, October 7th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $58.59.

Bank of America Stock Performance

BAC opened at $55.94 on Friday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $56.54. The firm has a market cap of $408.49 billion, a P/E ratio of 15.24 and a beta of 1.29. The business’s fifty day moving average is $53.80 and its 200-day moving average is $50.59.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The business had revenue of $5.35 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same quarter in the previous year, the firm earned $0.81 earnings per share. Bank of America’s revenue for the quarter was up 10.8% compared to the same quarter last year. Sell-side analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 26th. Stockholders of record on Friday, December 5th were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend was Friday, December 5th. Bank of America’s dividend payout ratio is 30.52%.

Bank of America Company Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.