BIP Wealth LLC Trims Stock Position in Bank of America Co. (NYSE:BAC)

BIP Wealth LLC cut its holdings in Bank of America Co. (NYSE:BAC) by 4.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,951 shares of the financial services provider’s stock after selling 850 shares during the quarter. BIP Wealth LLC’s holdings in Bank of America were worth $604,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BAC. Impact Partnership Wealth LLC lifted its stake in shares of Bank of America by 879.9% in the 3rd quarter. Impact Partnership Wealth LLC now owns 2,244 shares of the financial services provider’s stock worth $61,000 after purchasing an additional 2,015 shares during the period. Exchange Traded Concepts LLC raised its stake in Bank of America by 1,235.4% during the 3rd quarter. Exchange Traded Concepts LLC now owns 75,531 shares of the financial services provider’s stock worth $2,068,000 after acquiring an additional 69,875 shares during the period. Strategic Blueprint LLC raised its position in shares of Bank of America by 13.0% during the third quarter. Strategic Blueprint LLC now owns 15,050 shares of the financial services provider’s stock valued at $412,000 after buying an additional 1,737 shares during the last quarter. CX Institutional raised its position in shares of Bank of America by 11.7% during the third quarter. CX Institutional now owns 37,026 shares of the financial services provider’s stock valued at $1,014,000 after buying an additional 3,892 shares during the last quarter. Finally, Ballast Inc. raised its position in shares of Bank of America by 11.0% during the third quarter. Ballast Inc. now owns 41,723 shares of the financial services provider’s stock valued at $1,142,000 after buying an additional 4,132 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of recent research reports. Citigroup raised their target price on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a report on Wednesday, March 20th. UBS Group restated a “neutral” rating and issued a $40.00 price objective (up from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $32.00 to $41.00 in a report on Tuesday, January 30th. Wolfe Research upgraded shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price for the company in a report on Friday, April 19th. Finally, Keefe, Bruyette & Woods boosted 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 report on Friday, April 5th. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Bank of America has a consensus rating of “Hold” and an average price target of $38.53.

Bank of America Price Performance

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

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS 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 firm had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. During the same period in the prior year, the firm posted $0.94 earnings per share. The business’s quarterly revenue was down 1.7% compared to the same quarter last year. As a group, sell-side analysts predict that Bank of America Co. will post 3.18 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.54%. The ex-dividend date was Thursday, February 29th. 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.