McIlrath & Eck LLC Trims Stock Position in Bank of America Co. (NYSE:BAC)

McIlrath & Eck LLC trimmed its holdings in Bank of America Co. (NYSE:BAC) by 49.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 20,272 shares of the financial services provider’s stock after selling 20,122 shares during the period. McIlrath & Eck LLC’s holdings in Bank of America were worth $891,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Monograph Wealth Advisors LLC acquired a new stake in shares of Bank of America during the 4th quarter worth $207,000. Novem Group acquired a new position in Bank of America in the fourth quarter valued at $339,000. Castleark Management LLC purchased a new stake in Bank of America during the fourth quarter valued at about $8,495,000. MidWestOne Financial Group Inc. increased its stake in Bank of America by 1.5% during the fourth quarter. MidWestOne Financial Group Inc. now owns 20,014 shares of the financial services provider’s stock worth $880,000 after acquiring an additional 300 shares during the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in shares of Bank of America by 15.7% in the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 2,628,327 shares of the financial services provider’s stock worth $115,515,000 after purchasing an additional 356,658 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 0.3%

BAC stock opened at $44.62 on Wednesday. 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 firm has a 50 day simple moving average of $40.23 and a 200-day simple moving average of $43.59. The company has a market capitalization of $336.07 billion, a P/E ratio of 13.86, a PEG ratio of 1.21 and a beta of 1.27. Bank of America Co. has a twelve month low of $33.07 and a twelve month high of $48.08.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.10. The firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. On average, equities research analysts predict that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.33%. Bank of America’s payout ratio is 30.95%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on BAC shares. Cfra Research boosted their target price on Bank of America to $47.00 and gave the stock a “buy” rating in a report on Wednesday, April 16th. Evercore ISI decreased their price objective on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a research note on Tuesday, April 1st. Phillip Securities raised shares of Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, April 17th. Barclays reduced their target price on shares of Bank of America from $58.00 to $54.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Finally, Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and increased their price target for the company from $45.00 to $50.00 in a report on Friday, March 7th. One research analyst has rated the stock with a sell rating, six have given a hold rating, seventeen have given a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.50.

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.