Bank of America Co. (NYSE:BAC) Shares Sold by Hobbs Group Advisors LLC

Hobbs Group Advisors LLC lessened its holdings in Bank of America Co. (NYSE:BAC) by 10.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 28,790 shares of the financial services provider’s stock after selling 3,307 shares during the period. Hobbs Group Advisors LLC’s holdings in Bank of America were worth $1,265,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Collier Financial purchased a new position in shares of Bank of America during the 4th quarter worth approximately $25,000. Life Planning Partners Inc lifted its stake in Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 545,936 shares in the last quarter. Graney & King LLC purchased a new position in shares of Bank of America during the fourth quarter worth $25,000. Fairway Wealth LLC acquired a new stake in shares of Bank of America in the fourth quarter valued at $29,000. Finally, Highline Wealth Partners LLC raised its holdings in shares of Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after buying an additional 510 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Down 3.1 %

Shares of NYSE:BAC opened at $41.24 on Friday. The firm has a 50 day simple moving average of $44.45 and a 200-day simple moving average of $43.86. Bank of America Co. has a twelve month low of $34.15 and a twelve month high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $313.50 billion, a PE ratio of 12.81, a P/E/G ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Bank of America’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.70 earnings per share. On average, equities analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were paid a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.52%. Bank of America’s dividend payout ratio is presently 32.30%.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of research analyst reports. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Morgan Stanley raised their price objective on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Friday, January 17th. Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. Keefe, Bruyette & Woods raised their price target on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. Finally, UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have given a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.45.

About Bank of America

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.