RW Investment Management LLC Reduces Position in Bank of America Co. (NYSE:BAC)

RW Investment Management LLC lessened its position in shares of Bank of America Co. (NYSE:BAC) by 11.4% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 17,002 shares of the financial services provider’s stock after selling 2,194 shares during the quarter. RW Investment Management LLC’s holdings in Bank of America were worth $747,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in BAC. Collier Financial purchased a new position in Bank of America during the 4th quarter worth approximately $25,000. Life Planning Partners Inc grew its stake in Bank of America by 3,883.2% during the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after buying an additional 545,936 shares during the last quarter. Kennebec Savings Bank purchased a new position in Bank of America during the 3rd quarter worth approximately $29,000. Highline Wealth Partners LLC grew its stake in Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after buying an additional 510 shares during the last quarter. Finally, Retirement Wealth Solutions LLC purchased a new position in Bank of America during the 4th quarter worth approximately $42,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of research reports. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research note on Tuesday, January 7th. Morgan Stanley lifted their target price on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Friday, January 17th. Barclays lifted their target price on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Keefe, Bruyette & Woods lifted their target price on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Finally, Wells Fargo & Company lifted their target price on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Stock Down 1.1 %

BAC opened at $46.03 on Thursday. The business has a 50 day simple moving average of $45.79 and a 200-day simple moving average of $43.25. The stock has a market capitalization of $353.14 billion, a P/E ratio of 14.29, a P/E/G ratio of 1.26 and a beta of 1.33. Bank of America Co. has a 12 month low of $33.17 and a 12 month high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Bank of America’s revenue was up 15.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.70 earnings per share. On average, equities analysts anticipate that Bank of America Co. will post 3.69 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.26%. Bank of America’s dividend payout ratio is presently 32.30%.

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.