Oak Harbor Wealth Partners LLC Lowers Stock Position in Bank of America Co. (NYSE:BAC)

Oak Harbor Wealth Partners LLC lessened its stake in shares of Bank of America Co. (NYSE:BAC) by 1.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,691 shares of the financial services provider’s stock after selling 250 shares during the quarter. Oak Harbor Wealth Partners LLC’s holdings in Bank of America were worth $558,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the stock. Swedbank AB lifted its position in shares of Bank of America by 0.7% during the third quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock worth $279,441,000 after purchasing an additional 50,849 shares in the last quarter. Van ECK Associates Corp lifted its position in shares of Bank of America by 120.2% during the third quarter. Van ECK Associates Corp now owns 19,231 shares of the financial services provider’s stock worth $814,000 after purchasing an additional 10,497 shares in the last quarter. Radnor Capital Management LLC raised its holdings in Bank of America by 75.1% in the third quarter. Radnor Capital Management LLC now owns 12,005 shares of the financial services provider’s stock valued at $476,000 after acquiring an additional 5,150 shares in the last quarter. M&G PLC raised its holdings in Bank of America by 71.9% in the third quarter. M&G PLC now owns 586,779 shares of the financial services provider’s stock valued at $23,471,000 after acquiring an additional 245,448 shares in the last quarter. Finally, Principal Financial Group Inc. raised its holdings in Bank of America by 3.8% in the third quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock valued at $611,692,000 after acquiring an additional 569,385 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE BAC opened at $41.39 on Friday. The stock has a market cap of $314.72 billion, a price-to-earnings ratio of 12.85, a PEG ratio of 1.21 and a beta of 1.33. Bank of America Co. has a 52 week low of $34.15 and a 52 week high of $48.08. The company’s 50-day moving average price is $45.61 and its 200 day moving average price is $43.68. 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 issued its quarterly earnings data 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. The firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm’s revenue was up 15.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.70 EPS. As a group, research analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a $0.26 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.51%. Bank of America’s dividend payout ratio is presently 32.30%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on BAC shares. Evercore ISI reduced their target price 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. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a 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 company an “equal weight” rating in a report on Friday, January 17th. Baird R W raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday. Finally, Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have given a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $48.64.

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.