Citadel Investment Advisory Inc. Has $799,000 Stock Position in Bank of America Co. (NYSE:BAC)

Citadel Investment Advisory Inc. reduced its holdings in Bank of America Co. (NYSE:BAC) by 1.9% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 23,720 shares of the financial services provider’s stock after selling 470 shares during the quarter. Citadel Investment Advisory Inc.’s holdings in Bank of America were worth $799,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Buckingham Strategic Partners increased its position in shares of Bank of America by 23.7% during the second quarter. Buckingham Strategic Partners now owns 54,963 shares of the financial services provider’s stock worth $1,577,000 after buying an additional 10,535 shares during the period. Schechter Investment Advisors LLC boosted its stake in Bank of America by 8.2% during the third quarter. Schechter Investment Advisors LLC now owns 55,348 shares of the financial services provider’s stock worth $1,515,000 after acquiring an additional 4,187 shares in the last quarter. Eastern Bank boosted its stake in Bank of America by 354.5% during the third quarter. Eastern Bank now owns 119,713 shares of the financial services provider’s stock worth $3,278,000 after acquiring an additional 93,375 shares in the last quarter. Stonebridge Capital Advisors LLC boosted its stake in Bank of America by 3.7% during the third quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock worth $1,793,000 after acquiring an additional 2,332 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC boosted its stake in Bank of America by 228.3% during the fourth quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock worth $2,273,000 after acquiring an additional 46,950 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

BAC opened at $37.44 on Thursday. The firm has a 50-day moving average price of $34.98 and a 200-day moving average price of $31.61. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.15. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $38.35. The company has a market capitalization of $295.43 billion, a price-to-earnings ratio of 12.20, a PEG ratio of 1.72 and a beta of 1.39.

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

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were given a $0.24 dividend. The ex-dividend date was Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.56%. Bank of America’s dividend payout ratio (DPR) is currently 31.27%.

Wall Street Analyst Weigh In

BAC has been the topic of a number of recent research reports. Odeon Capital Group lowered shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective on the stock. in a research note on Tuesday, January 16th. Wells Fargo & Company raised their price target on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday. Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $32.00 to $41.00 in a report on Tuesday, January 30th. Finally, Barclays raised their price objective on shares of Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $36.15.

Check Out Our Latest Analysis on BAC

Bank of America Company 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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