Brookmont Capital Management Sells 3,454 Shares of Bank of America Co. (NYSE:BAC)

Brookmont Capital Management lessened its stake in shares of Bank of America Co. (NYSE:BAC) by 4.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 77,137 shares of the financial services provider’s stock after selling 3,454 shares during the period. Bank of America makes up about 1.5% of Brookmont Capital Management’s investment portfolio, making the stock its 25th largest holding. Brookmont Capital Management’s holdings in Bank of America were worth $2,597,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of BAC. Roundview Capital LLC boosted its stake in shares of Bank of America by 1.5% in the 1st quarter. Roundview Capital LLC now owns 135,764 shares of the financial services provider’s stock worth $5,596,000 after buying an additional 2,013 shares during the last quarter. Loomis Sayles & Co. L P boosted its stake in shares of Bank of America by 150.3% in the 1st quarter. Loomis Sayles & Co. L P now owns 1,985 shares of the financial services provider’s stock worth $82,000 after buying an additional 1,192 shares during the last quarter. NewEdge Advisors LLC boosted its stake in shares of Bank of America by 4.2% in the 1st quarter. NewEdge Advisors LLC now owns 405,098 shares of the financial services provider’s stock worth $16,698,000 after buying an additional 16,319 shares during the last quarter. First Western Trust Bank purchased a new position in shares of Bank of America in the 1st quarter worth $586,000. Finally, Pearl River Capital LLC purchased a new position in Bank of America during the first quarter valued at $534,000. Institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

BAC has been the topic of several analyst reports. Oppenheimer lowered their target price on Bank of America from $50.00 to $46.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 19th. BMO Capital Markets lowered their target price on Bank of America from $37.00 to $36.00 and set a “market perform” rating on the stock in a research report on Tuesday, January 16th. Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $32.00 to $41.00 in a research report on Tuesday, January 30th. Odeon Capital Group downgraded Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective on the stock. in a research report on Tuesday, January 16th. Finally, Citigroup boosted their price objective on Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research 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 issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $36.15.

View Our Latest Analysis on Bank of America

Bank of America Trading Up 0.3 %

Shares of NYSE BAC opened at $37.92 on Friday. The business’s 50 day moving average is $34.59 and its two-hundred day moving average is $31.35. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $38.00. The stock has a market capitalization of $299.21 billion, a P/E ratio of 12.35, a PEG ratio of 1.75 and a beta of 1.38.

Bank of America (NYSE:BACGet Free Report) last released its earnings results 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. The firm had revenue of $22 billion for the quarter, compared to analysts’ expectations of $23.70 billion. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The company’s quarterly revenue was down 10.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.85 earnings per share. As a group, research 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 declared 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 was Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.53%. Bank of America’s payout ratio is 31.27%.

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.

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

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