Quadcap Wealth Management LLC Lowers Holdings in Bank of America Co. (NYSE:BAC)

Quadcap Wealth Management LLC trimmed its holdings in Bank of America Co. (NYSE:BAC) by 3.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 55,722 shares of the financial services provider’s stock after selling 2,231 shares during the period. Quadcap Wealth Management LLC’s holdings in Bank of America were worth $2,449,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also made changes to their positions in the company. Quantinno Capital Management LP increased its holdings in shares of Bank of America by 23.9% in the fourth quarter. Quantinno Capital Management LP now owns 570,953 shares of the financial services provider’s stock worth $25,093,000 after purchasing an additional 110,246 shares during the last quarter. Pathstone Holdings LLC increased its holdings in shares of Bank of America by 3.7% in the fourth quarter. Pathstone Holdings LLC now owns 1,012,885 shares of the financial services provider’s stock worth $44,522,000 after purchasing an additional 35,875 shares during the last quarter. Mufg Securities Americas Inc. bought a new stake in shares of Bank of America in the fourth quarter worth about $4,860,000. Nearwater Capital Markets Ltd bought a new stake in shares of Bank of America in the fourth quarter worth about $83,949,000. Finally, NorthRock Partners LLC increased its holdings in shares of Bank of America by 56.7% in the fourth quarter. NorthRock Partners LLC now owns 91,504 shares of the financial services provider’s stock worth $4,022,000 after purchasing an additional 33,094 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on BAC shares. Keefe, Bruyette & Woods reduced their price objective on Bank of America from $55.00 to $52.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 16th. Barclays reduced their price objective on Bank of America from $58.00 to $54.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Piper Sandler dropped their target price on Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a research report on Wednesday, April 16th. Phillip Securities upgraded Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, April 17th. Finally, UBS Group boosted their target price on Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $47.25.

Bank of America Price Performance

Shares of BAC opened at $44.82 on Thursday. The business’s 50-day moving average is $39.84 and its two-hundred day moving average is $43.52. The company has a market capitalization of $337.58 billion, a P/E ratio of 13.92, a P/E/G ratio of 1.21 and a beta of 1.27. 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 Co. has a fifty-two week low of $33.07 and a fifty-two week high of $48.08.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.10. The company had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Research analysts predict that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.32%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s dividend payout ratio is currently 30.95%.

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.