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

Marco Investment Management LLC trimmed its holdings in Bank of America Co. (NYSE:BAC) by 3.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 97,707 shares of the financial services provider’s stock after selling 3,913 shares during the period. Marco Investment Management LLC’s holdings in Bank of America were worth $3,290,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in BAC. Barclays PLC boosted its stake in Bank of America by 97.3% in the 3rd quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock worth $1,130,538,000 after buying an additional 20,362,295 shares during the last quarter. Alphinity Investment Management Pty Ltd boosted its stake in Bank of America by 1,071.8% in the 4th quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock worth $474,150,000 after buying an additional 12,880,492 shares during the last quarter. Darsana Capital Partners LP acquired a new stake in Bank of America in the 3rd quarter worth about $177,970,000. Canada Pension Plan Investment Board lifted its stake in shares of Bank of America by 143.5% in the 3rd quarter. Canada Pension Plan Investment Board now owns 10,659,309 shares of the financial services provider’s stock valued at $291,852,000 after purchasing an additional 6,281,690 shares in the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC acquired a new position in shares of Bank of America in the 3rd quarter valued at about $168,610,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

BAC has been the topic of several research analyst reports. Odeon Capital Group lowered 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. BMO Capital Markets lifted their price objective on Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research note on Thursday, April 18th. UBS Group reaffirmed a “neutral” rating and issued a $40.00 price objective (up from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. HSBC reaffirmed a “hold” rating and issued a $39.00 price objective (up from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Finally, Oppenheimer reduced their price objective on 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 analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $38.53.

Bank of America Stock Down 0.2 %

BAC stock traded down $0.08 during midday trading on Friday, hitting $37.83. 28,668,680 shares of the company’s stock were exchanged, compared to its average volume of 40,953,860. 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 Co. has a 12-month low of $24.96 and a 12-month high of $38.49. The firm has a 50 day moving average price of $36.13 and a 200-day moving average price of $32.80. The stock has a market capitalization of $298.50 billion, a price-to-earnings ratio of 13.09, a price-to-earnings-growth ratio of 1.69 and a beta of 1.39.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping 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 company had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. During the same period in the previous year, the business earned $0.94 EPS. Bank of America’s revenue for the quarter was down 1.7% compared to the same quarter last year. On average, analysts anticipate that Bank of America Co. will post 3.19 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be issued a dividend of $0.24 per share. The ex-dividend date is Friday, June 7th. This represents a $0.96 annualized dividend and a yield of 2.54%. Bank of America’s dividend payout ratio is presently 33.22%.

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.