Bank of America Co. (NYSE:BAC) Shares Sold by Citizens National Bank Trust Department

Citizens National Bank Trust Department lessened its holdings in shares of Bank of America Co. (NYSE:BAC) by 13.5% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 12,850 shares of the financial services provider’s stock after selling 2,000 shares during the quarter. Citizens National Bank Trust Department’s holdings in Bank of America were worth $565,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Collier Financial acquired a new position in Bank of America during the 4th quarter worth $25,000. Kennebec Savings Bank acquired a new stake in shares of Bank of America in the third quarter valued at $29,000. Highline Wealth Partners LLC lifted its holdings in shares of Bank of America by 152.7% in the fourth 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. Retirement Wealth Solutions LLC acquired a new stake in shares of Bank of America in the fourth quarter valued at $42,000. Finally, POM Investment Strategies LLC lifted its holdings in shares of Bank of America by 1,306.5% in the fourth quarter. POM Investment Strategies LLC now owns 1,083 shares of the financial services provider’s stock valued at $48,000 after buying an additional 1,006 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Down 1.1 %

NYSE:BAC opened at $46.03 on Thursday. The firm has a market capitalization of $353.14 billion, a price-to-earnings ratio of 14.29, a PEG ratio of 1.26 and a beta of 1.33. Bank of America Co. has a 1-year low of $33.17 and a 1-year 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 business’s fifty day moving average price is $45.79 and its 200 day moving average price is $43.25.

Bank of America (NYSE:BAC) last posted its quarterly 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 return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same period in the previous year, the firm earned $0.70 earnings per share. Bank of America’s quarterly revenue was up 15.0% on a year-over-year basis. On average, sell-side analysts forecast that Bank of America Co. will post 3.69 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.26%. The ex-dividend date is Friday, March 7th. Bank of America’s payout ratio is currently 32.30%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on BAC shares. Wells Fargo & Company upped their price objective on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, November 15th. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. Keefe, Bruyette & Woods upped their price objective on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Oppenheimer upped their price objective on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Finally, Morgan Stanley boosted their target price on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

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.