Tucker Asset Management LLC Has $318,000 Stake in Bank of America Co. (NYSE:BAC)

Tucker Asset Management LLC lessened its holdings in shares of Bank of America Co. (NYSE:BAC) by 15.8% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 7,227 shares of the financial services provider’s stock after selling 1,355 shares during the period. Tucker Asset Management LLC’s holdings in Bank of America were worth $318,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. WealthTrak Capital Management LLC acquired a new position in shares of Bank of America during the fourth quarter worth approximately $346,000. Intrust Bank NA raised its position in Bank of America by 1.9% in the 4th quarter. Intrust Bank NA now owns 173,245 shares of the financial services provider’s stock worth $7,614,000 after purchasing an additional 3,170 shares during the last quarter. Allstate Corp lifted its holdings in Bank of America by 3,746.6% during the 4th quarter. Allstate Corp now owns 207,639 shares of the financial services provider’s stock worth $9,126,000 after buying an additional 202,241 shares in the last quarter. RiverFront Investment Group LLC boosted its position in Bank of America by 27.8% in the 4th quarter. RiverFront Investment Group LLC now owns 27,353 shares of the financial services provider’s stock valued at $1,202,000 after buying an additional 5,942 shares during the last quarter. Finally, Horizon Investment Services LLC lifted its stake in shares of Bank of America by 6.3% during the fourth quarter. Horizon Investment Services LLC now owns 59,165 shares of the financial services provider’s stock valued at $2,600,000 after acquiring an additional 3,481 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BAC has been the subject of several recent research reports. Morgan Stanley boosted their price objective on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. Oppenheimer boosted their price target on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $45.00 to $50.00 in a report on Friday, March 7th. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Finally, 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. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have assigned a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.45.

Bank of America Price Performance

Shares of BAC opened at $41.24 on Friday. The company has a 50 day moving average of $44.45 and a 200-day moving average of $43.86. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $313.50 billion, a P/E ratio of 12.81, a P/E/G ratio of 1.21 and a beta of 1.32. Bank of America Co. has a twelve month low of $34.15 and a twelve month high of $48.08.

Bank of America (NYSE:BAC) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter last year, the firm earned $0.70 earnings per share. The firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. As a group, equities research analysts forecast that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were given a dividend of $0.26 per share. The ex-dividend date was Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.52%. Bank of America’s dividend payout ratio (DPR) is presently 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.