Coombe Bender & Co LLC Trims Stock Holdings in Bank of America Co. (NYSE:BAC)

Coombe Bender & Co LLC cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 24.1% during the fourth quarter, HoldingsChannel.com reports. The fund owned 45,778 shares of the financial services provider’s stock after selling 14,507 shares during the quarter. Bank of America makes up 1.0% of Coombe Bender & Co LLC’s holdings, making the stock its 29th largest position. Coombe Bender & Co LLC’s holdings in Bank of America were worth $1,541,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the business. Vicus Capital raised its position in Bank of America by 13.8% during the 3rd quarter. Vicus Capital now owns 11,502 shares of the financial services provider’s stock worth $315,000 after buying an additional 1,397 shares during the last quarter. Tectonic Advisors LLC lifted its holdings in shares of Bank of America by 5.0% in the 3rd quarter. Tectonic Advisors LLC now owns 23,822 shares of the financial services provider’s stock valued at $652,000 after buying an additional 1,136 shares during the period. Stratos Wealth Advisors LLC grew its holdings in Bank of America by 152.0% during the third quarter. Stratos Wealth Advisors LLC now owns 133,094 shares of the financial services provider’s stock worth $3,644,000 after acquiring an additional 80,275 shares during the period. SkyOak Wealth LLC lifted its holdings in Bank of America by 6.8% in the third quarter. SkyOak Wealth LLC now owns 44,555 shares of the financial services provider’s stock valued at $1,220,000 after acquiring an additional 2,848 shares during the period. Finally, Center for Financial Planning Inc. boosted its position in shares of Bank of America by 33.3% during the 3rd quarter. Center for Financial Planning Inc. now owns 4,447 shares of the financial services provider’s stock worth $122,000 after purchasing an additional 1,110 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Trading Down 0.6 %

BAC traded down $0.23 during trading on Thursday, hitting $36.72. 11,720,493 shares of the company’s stock were exchanged, compared to its average volume of 40,673,039. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $38.49. The stock has a 50 day moving average price of $36.33 and a 200 day moving average price of $32.98. The firm has a market cap of $289.74 billion, a P/E ratio of 12.75, a price-to-earnings-growth ratio of 1.66 and a beta of 1.37. 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 quarterly earnings data 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 company had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. During the same period last year, the company posted $0.94 earnings per share. The firm’s revenue was down 1.7% compared to the same quarter last year. As a group, analysts expect that Bank of America Co. will post 3.19 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.61%. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on BAC shares. Odeon Capital Group downgraded shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target for the company. in a research report on Tuesday, January 16th. UBS Group reissued a “neutral” rating and issued a $40.00 price target (up from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Wells Fargo & Company increased their price objective on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. JPMorgan Chase & Co. upped their price objective on shares of Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a research note on Wednesday. Finally, BMO Capital Markets increased their price target on Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research note on Thursday, April 18th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $38.70.

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.