Birmingham Capital Management Co. Inc. AL Has $2.83 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Birmingham Capital Management Co. Inc. AL lowered its position in Bank of America Co. (NYSE:BAC) by 3.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 83,900 shares of the financial services provider’s stock after selling 3,000 shares during the period. Birmingham Capital Management Co. Inc. AL’s holdings in Bank of America were worth $2,825,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in BAC. Norges Bank acquired a new position in shares of Bank of America during the fourth quarter worth about $3,734,407,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake in Bank of America by 360.9% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock valued at $1,255,514,000 after acquiring an additional 29,198,846 shares during the period. Alphinity Investment Management Pty Ltd boosted its holdings in shares of Bank of America by 1,071.8% during 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 period. Price T Rowe Associates Inc. MD grew its position in shares of Bank of America by 10.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock valued at $3,502,720,000 after purchasing an additional 9,879,524 shares during the last quarter. Finally, Darsana Capital Partners LP bought a new stake in shares of Bank of America in the third quarter valued at about $177,970,000. 70.71% of the stock is currently owned by institutional investors.

Bank of America Trading Down 0.1 %

BAC traded down $0.02 during midday trading on Friday, hitting $39.24. 32,118,117 shares of the company were exchanged, compared to its average volume of 39,004,617. The firm’s 50 day moving average price is $38.23 and its 200-day moving average price is $35.43. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $40.19. The firm has a market capitalization of $306.87 billion, a P/E ratio of 13.58, a P/E/G ratio of 1.74 and a beta of 1.36. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last announced 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. The business had revenue of $25.82 billion for the quarter, compared to analysts’ expectations 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 revenue was down 1.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.94 earnings per share. As a group, equities analysts forecast that Bank of America Co. will post 3.23 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 annualized dividend and a yield of 2.45%. Bank of America’s payout ratio is 33.22%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Oppenheimer boosted their price target on Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a research note on Tuesday, April 30th. JPMorgan Chase & Co. boosted 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 report on Wednesday, May 1st. Citigroup lifted their price target on Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, March 20th. Wells Fargo & Company upped their price objective on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Finally, BMO Capital Markets lifted their target price on Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research report on Thursday, April 18th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America has a consensus rating of “Hold” and a consensus target price of $39.79.

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.