Private Capital Management LLC Sells 1,568 Shares of Bank of America Co. (NYSE:BAC)

Private Capital Management LLC lessened its holdings in Bank of America Co. (NYSE:BAC) by 14.8% during the 3rd quarter, HoldingsChannel reports. The firm owned 8,999 shares of the financial services provider’s stock after selling 1,568 shares during the period. Private Capital Management LLC’s holdings in Bank of America were worth $357,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Swedbank AB raised its position in shares of Bank of America by 0.7% during the 3rd quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock valued at $279,441,000 after buying an additional 50,849 shares in the last quarter. JFS Wealth Advisors LLC grew its position in Bank of America by 202.1% in the third quarter. JFS Wealth Advisors LLC now owns 18,531 shares of the financial services provider’s stock worth $735,000 after acquiring an additional 12,396 shares in the last quarter. Cornerstone Wealth Group LLC increased its stake in Bank of America by 0.3% during the third quarter. Cornerstone Wealth Group LLC now owns 346,634 shares of the financial services provider’s stock worth $13,754,000 after acquiring an additional 1,058 shares during the last quarter. Goldstone Financial Group LLC purchased a new stake in Bank of America during the third quarter valued at approximately $615,000. Finally, Catalyst Financial Partners LLC lifted its stake in shares of Bank of America by 5.5% in the 3rd quarter. Catalyst Financial Partners LLC now owns 29,066 shares of the financial services provider’s stock valued at $1,153,000 after purchasing an additional 1,513 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

BAC has been the topic of several analyst reports. Keefe, Bruyette & Woods boosted their target price on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research report on Tuesday, January 7th. Morgan Stanley raised their target price on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. Evercore ISI cut their price target on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Friday, January 17th. Finally, Oppenheimer raised their price objective on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Stock Performance

Shares of Bank of America stock opened at $44.17 on Friday. Bank of America Co. has a 12 month low of $34.03 and a 12 month high of $48.08. The stock’s fifty day moving average price is $45.74 and its 200-day moving average price is $43.50. The firm has a market cap of $338.87 billion, a P/E ratio of 13.72, a P/E/G ratio of 1.21 and a beta of 1.33. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter last year, the firm posted $0.70 EPS. The company’s revenue for the quarter was up 15.0% on a year-over-year basis. On average, equities research analysts expect that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is 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.