Jackson Hole Capital Partners LLC Decreases Stake in Bank of America Co. (NYSE:BAC)

Jackson Hole Capital Partners LLC reduced its stake in Bank of America Co. (NYSE:BAC) by 75.8% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 9,712 shares of the financial services provider’s stock after selling 30,448 shares during the quarter. Jackson Hole Capital Partners LLC’s holdings in Bank of America were worth $327,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Fortis Group Advisors LLC purchased a new position in Bank of America during the 3rd quarter worth approximately $25,000. Glass Jacobson Investment Advisors llc grew its stake in shares of Bank of America by 98.1% during the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 504 shares during the period. Criterion Capital Advisors LLC acquired a new stake in shares of Bank of America during the 4th quarter worth approximately $32,000. ZRC Wealth Management LLC grew its stake in shares of Bank of America by 192.3% during 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 during the period. Finally, Private Ocean LLC grew its stake 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 worth $43,000 after purchasing an additional 325 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Down 0.2 %

BAC traded down $0.09 on Friday, reaching $37.82. The company’s stock had a trading volume of 28,659,995 shares, compared to its average volume of 41,444,340. The stock has a 50 day moving average of $36.06 and a two-hundred day moving average of $32.64. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a market capitalization of $298.42 billion, a price-to-earnings ratio of 13.15, a P/E/G ratio of 1.72 and a beta of 1.39. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $38.49.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The firm had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The firm’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.94 earnings per share. As a group, analysts forecast that Bank of America Co. will post 3.19 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.54%. Bank of America’s dividend payout ratio is currently 33.22%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on BAC shares. Citigroup raised their price objective on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 20th. Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $32.00 to $41.00 in a research note on Tuesday, January 30th. Odeon Capital Group cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective on the stock. in a research note on Tuesday, January 16th. Wells Fargo & Company lifted their price target on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Finally, Oppenheimer dropped their price target 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 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $38.53.

Bank of America 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.