Choreo LLC Reduces Position in Bank of America Co. (NYSE:BAC)

Choreo LLC decreased its holdings in Bank of America Co. (NYSE:BAC) by 6.2% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,563,270 shares of the financial services provider’s stock after selling 168,926 shares during the quarter. Bank of America accounts for approximately 1.6% of Choreo LLC’s investment portfolio, making the stock its 10th biggest holding. Choreo LLC’s holdings in Bank of America were worth $112,559,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Czech National Bank lifted its position in shares of Bank of America by 6.0% during the 3rd quarter. Czech National Bank now owns 1,375,216 shares of the financial services provider’s stock worth $54,569,000 after buying an additional 78,376 shares in the last quarter. Miracle Mile Advisors LLC increased its stake in shares of Bank of America by 10.4% during the 3rd quarter. Miracle Mile Advisors LLC now owns 19,798 shares of the financial services provider’s stock worth $786,000 after purchasing an additional 1,858 shares during the last quarter. Verde Servicos Internacionais S.A. purchased a new stake in shares of Bank of America during the 3rd quarter worth approximately $10,880,000. Bath Savings Trust Co increased its stake in shares of Bank of America by 5.5% during the 3rd quarter. Bath Savings Trust Co now owns 9,620 shares of the financial services provider’s stock worth $382,000 after purchasing an additional 500 shares during the last quarter. Finally, Versant Capital Management Inc increased its stake in shares of Bank of America by 16.8% during the 3rd quarter. Versant Capital Management Inc now owns 8,655 shares of the financial services provider’s stock worth $343,000 after purchasing an additional 1,243 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

BAC has been the subject of several research analyst reports. Barclays raised their price target on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research note on Tuesday, January 7th. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Keefe, Bruyette & Woods raised their price target on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Finally, Evercore ISI decreased their price target on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Friday, January 17th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Trading Up 1.1 %

Bank of America stock opened at $46.73 on Wednesday. The stock has a market cap of $358.57 billion, a P/E ratio of 14.51, a PEG ratio of 1.26 and a beta of 1.33. Bank of America Co. has a fifty-two week low of $32.35 and a fifty-two week high of $48.08. The firm’s fifty day moving average price is $45.79 and its 200-day moving average price is $42.82. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the prior year, the firm posted $0.70 earnings per share. The business’s quarterly revenue was up 15.0% on a year-over-year basis. Equities research analysts forecast that Bank of America Co. will post 3.67 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.23%. Bank of America’s dividend payout ratio (DPR) 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.