Byrne Asset Management LLC Has $320,000 Stock Holdings in Bank of America Co. (NYSE:BAC)

Byrne Asset Management LLC trimmed its stake in Bank of America Co. (NYSE:BAC) by 5.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,271 shares of the financial services provider’s stock after selling 395 shares during the period. Byrne Asset Management LLC’s holdings in Bank of America were worth $320,000 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. Boston Common Asset Management LLC lifted its position in shares of Bank of America by 143.0% during the 3rd quarter. Boston Common Asset Management LLC now owns 144,980 shares of the financial services provider’s stock worth $5,753,000 after buying an additional 85,308 shares in the last quarter. Watts Gwilliam & Co. LLC bought a new stake in Bank of America in the 3rd quarter valued at about $2,500,000. Christopher J. Hasenberg Inc boosted its holdings in Bank of America by 525.9% in the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after buying an additional 852 shares during the period. Clarius Group LLC grew its position in shares of Bank of America by 1.1% in the third quarter. Clarius Group LLC now owns 61,916 shares of the financial services provider’s stock valued at $2,442,000 after purchasing an additional 659 shares in the last quarter. Finally, Franklin Street Advisors Inc. NC lifted its stake in Bank of America by 22.4% in the 3rd quarter. Franklin Street Advisors Inc. NC now owns 11,432 shares of the financial services provider’s stock worth $454,000 after purchasing an additional 2,089 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Performance

NYSE:BAC opened at $47.43 on Friday. The firm’s 50 day moving average is $45.77 and its two-hundred day moving average is $42.88. The company has a market cap of $363.89 billion, a P/E ratio of 14.73, a P/E/G ratio of 1.29 and a beta of 1.33. Bank of America Co. has a fifty-two week low of $32.35 and a fifty-two week high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate 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 quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.70 EPS. Analysts expect that Bank of America Co. will post 3.69 EPS for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be issued a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.19%. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on BAC. Wells Fargo & Company increased their price target on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $46.00 to $54.00 in a research report on Friday, November 8th. Keefe, Bruyette & Woods lifted their price target on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. Finally, UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and an average 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.