Synovus Financial Corp Sells 1,262 Shares of Bank of America Co. (NYSE:BAC)

Synovus Financial Corp trimmed its holdings in shares of Bank of America Co. (NYSE:BAC) by 0.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 511,837 shares of the financial services provider’s stock after selling 1,262 shares during the quarter. Synovus Financial Corp’s holdings in Bank of America were worth $22,496,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Lederer & Associates Investment Counsel CA grew its holdings in Bank of America by 1.1% in the fourth quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock valued at $879,000 after purchasing an additional 217 shares during the last quarter. Avalon Trust Co boosted its position in shares of Bank of America by 14.6% in the 4th quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider’s stock worth $76,000 after buying an additional 219 shares in the last quarter. Prossimo Advisors LLC grew its stake in Bank of America by 2.5% in the 4th quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock valued at $390,000 after acquiring an additional 220 shares during the last quarter. Marino Stram & Associates LLC grew its stake in Bank of America by 1.7% in the 4th quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock valued at $580,000 after acquiring an additional 222 shares during the last quarter. Finally, Keudell Morrison Wealth Management increased its holdings in Bank of America by 2.8% during the 4th quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock valued at $364,000 after acquiring an additional 223 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and increased their price target for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. JPMorgan Chase & Co. dropped their price target on Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a research report on Thursday, April 3rd. Citigroup cut their price target on Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a report on Monday, March 24th. Barclays increased their price objective on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Finally, Oppenheimer upped their target price on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.31.

Bank of America Trading Up 0.2 %

Shares of BAC stock opened at $35.93 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The firm’s 50 day moving average price is $42.25 and its two-hundred day moving average price is $43.69. The stock has a market cap of $273.20 billion, a price-to-earnings ratio of 11.16, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24.

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

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were paid a $0.26 dividend. The ex-dividend date was Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.89%. Bank of America’s dividend payout ratio (DPR) is currently 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.