Synergy Asset Management LLC Sells 24,897 Shares of Bank of America Co. (NYSE:BAC)

Synergy Asset Management LLC decreased its position in Bank of America Co. (NYSE:BAC) by 31.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 54,503 shares of the financial services provider’s stock after selling 24,897 shares during the period. Synergy Asset Management LLC’s holdings in Bank of America were worth $1,835,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Moneta Group Investment Advisors LLC lifted its stake in Bank of America by 108,111.3% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 193,168,025 shares of the financial services provider’s stock valued at $6,397,725,000 after acquiring an additional 192,989,515 shares during the period. Norges Bank bought a new position in Bank of America during the 4th quarter valued at about $3,436,543,000. Northern Trust Corp lifted its stake in Bank of America by 2.1% during the 3rd quarter. Northern Trust Corp now owns 67,648,727 shares of the financial services provider’s stock valued at $1,852,222,000 after acquiring an additional 1,397,469 shares during the period. Barclays PLC lifted its stake in shares of Bank of America by 97.3% in the 3rd quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock worth $1,130,538,000 after purchasing an additional 20,362,295 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Bank of America by 1.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 40,518,019 shares of the financial services provider’s stock worth $1,109,383,000 after purchasing an additional 746,756 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 0.3 %

NYSE BAC opened at $37.92 on Friday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.15. The company has a fifty day moving average of $34.70 and a two-hundred day moving average of $31.42. The firm has a market capitalization of $299.21 billion, a price-to-earnings ratio of 12.35, a PEG ratio of 1.75 and a beta of 1.38. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $38.00.

Bank of America (NYSE:BACGet Free Report) last issued its earnings results on Friday, January 12th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.01. The firm had revenue of $22 billion during the quarter, compared to analyst estimates of $23.70 billion. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The business’s revenue was down 10.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.85 earnings per share. On average, analysts predict that Bank of America Co. will post 3.1 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were issued a $0.24 dividend. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.96 annualized dividend and a dividend yield of 2.53%. Bank of America’s payout ratio is currently 31.27%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on BAC shares. Wells Fargo & Company increased their price objective on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday. Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $32.00 to $41.00 in a report on Tuesday, January 30th. BMO Capital Markets reduced their target price on shares of Bank of America from $37.00 to $36.00 and set a “market perform” rating for the company in a report on Tuesday, January 16th. Barclays increased their price objective on shares of Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. Finally, Citigroup increased their price objective on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a report on Wednesday, March 20th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $36.15.

Get Our Latest Report on Bank of America

Bank of America Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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