Fidelis Capital Partners LLC Cuts Stock Holdings in Bank of America Co. (NYSE:BAC)

Fidelis Capital Partners LLC reduced its stake in Bank of America Co. (NYSE:BAC) by 40.5% during the fourth quarter, HoldingsChannel reports. The firm owned 18,726 shares of the financial services provider’s stock after selling 12,761 shares during the period. Fidelis Capital Partners LLC’s holdings in Bank of America were worth $631,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of BAC. Fort Sheridan Advisors LLC lifted its holdings in shares of Bank of America by 0.8% during the 4th quarter. Fort Sheridan Advisors LLC now owns 39,526 shares of the financial services provider’s stock worth $1,309,000 after acquiring an additional 303 shares during the last quarter. Regent Peak Wealth Advisors LLC boosted its holdings in shares of Bank of America by 3.2% in the 4th quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock worth $336,000 after purchasing an additional 314 shares in the last quarter. Kennedy Investment Group increased its position in shares of Bank of America by 0.6% during the 4th quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock valued at $1,953,000 after purchasing an additional 321 shares during the last quarter. Private Ocean LLC raised its holdings in shares of Bank of America by 34.0% during the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after buying an additional 325 shares in the last quarter. Finally, Selective Wealth Management Inc. lifted its position in Bank of America by 2.0% in the 4th quarter. Selective Wealth Management Inc. now owns 17,351 shares of the financial services provider’s stock worth $586,000 after buying an additional 334 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have commented on BAC. Keefe, Bruyette & Woods lifted their price target 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. Barclays boosted their target price on Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research note on Tuesday, January 2nd. Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price target on the stock in a research report on Friday. Odeon Capital Group lowered Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective for the company. in a research note on Tuesday, January 16th. Finally, Jefferies Financial Group lifted their target price on shares of Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research note on Monday, April 8th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $38.53.

Bank of America Stock Up 2.8 %

Shares of BAC traded up $1.01 on Friday, reaching $36.78. The stock had a trading volume of 13,887,875 shares, compared to its average volume of 41,202,004. The firm has a market capitalization of $290.22 billion, a price-to-earnings ratio of 12.38, a price-to-earnings-growth ratio of 1.59 and a beta of 1.39. The company has a 50-day simple moving average of $35.61 and a 200-day simple moving average of $32.24. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $38.35. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.80 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates 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 company’s quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.94 EPS. Sell-side analysts predict that Bank of America Co. will post 3.16 EPS for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were given a $0.24 dividend. The ex-dividend date was Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.61%. Bank of America’s dividend payout ratio is currently 33.22%.

About Bank of America

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.