Delta Asset Management LLC TN Reduces Stock Holdings in Bank of America Co. (NYSE:BAC)

Delta Asset Management LLC TN cut its holdings in Bank of America Co. (NYSE:BAC) by 5.3% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 16,947 shares of the financial services provider’s stock after selling 950 shares during the quarter. Delta Asset Management LLC TN’s holdings in Bank of America were worth $486,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. FNY Investment Advisers LLC lifted its holdings in Bank of America by 75.9% in the 2nd quarter. FNY Investment Advisers LLC now owns 920 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 397 shares in the last quarter. Marquette Asset Management LLC raised its position in shares of Bank of America by 333.2% in the second quarter. Marquette Asset Management LLC now owns 953 shares of the financial services provider’s stock valued at $27,000 after buying an additional 733 shares during the last quarter. Castleview Partners LLC purchased a new position in shares of Bank of America during the first quarter valued at approximately $28,000. Global Trust Asset Management LLC grew its stake in Bank of America by 45.7% in the 2nd quarter. Global Trust Asset Management LLC now owns 1,036 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 325 shares during the period. Finally, Live Oak Investment Partners acquired a new position in Bank of America in the 4th quarter valued at $39,000. Institutional investors and hedge funds own 68.06% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Keefe, Bruyette & Woods raised Bank of America from an “underperform” rating to a “market perform” rating and lifted their price objective for the company from $29.00 to $30.00 in a research report on Monday, November 6th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $35.00 price objective on shares of Bank of America in a research note on Tuesday, September 12th. HSBC started coverage on shares of Bank of America in a research report on Thursday, September 7th. They issued a “buy” rating and a $35.00 target price on the stock. BMO Capital Markets upped their price target on shares of Bank of America from $39.00 to $40.00 and gave the stock a “market perform” rating in a research report on Wednesday, October 18th. Finally, Evercore ISI lowered their price objective on shares of Bank of America from $35.00 to $33.00 in a research note on Thursday, October 5th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Bank of America has an average rating of “Hold” and a consensus target price of $35.54.

Bank of America Stock Down 0.1 %

Shares of NYSE BAC traded down $0.03 during midday trading on Monday, reaching $29.95. 9,560,852 shares of the company’s stock were exchanged, compared to its average volume of 48,810,371. The stock has a market capitalization of $237.02 billion, a PE ratio of 8.40, a price-to-earnings-growth ratio of 1.22 and a beta of 1.38. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $37.87. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.82 and a current ratio of 0.83. The business’s fifty day moving average price is $27.42 and its two-hundred day moving average price is $28.59.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.07. The company had revenue of $25.20 billion for the quarter, compared to the consensus estimate of $25.13 billion. Bank of America had a return on equity of 12.08% and a net margin of 18.69%. Bank of America’s revenue for the quarter was up 2.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.81 EPS. Analysts forecast that Bank of America Co. will post 3.46 EPS for the current year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 1st will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 3.21%. The ex-dividend date is Thursday, November 30th. Bank of America’s payout ratio is currently 26.89%.

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.