Vontobel Holding Ltd. Decreases Stock Holdings in Bank of America Co. (NYSE:BAC)

Vontobel Holding Ltd. trimmed its position in Bank of America Co. (NYSE:BAC) by 21.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 458,715 shares of the financial services provider’s stock after selling 123,910 shares during the quarter. Vontobel Holding Ltd.’s holdings in Bank of America were worth $15,445,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Fortis Group Advisors LLC purchased a new position in shares of Bank of America in the third quarter worth $25,000. Glass Jacobson Investment Advisors llc increased its stake in shares of Bank of America by 98.1% in the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after buying an additional 504 shares during the period. Castleview Partners LLC purchased a new position in Bank of America during the 1st quarter valued at $28,000. Strategic Investment Solutions Inc. IL purchased a new position in Bank of America during the 1st quarter valued at $34,000. Finally, ZRC Wealth Management LLC increased its position in Bank of America by 192.3% during the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 750 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on BAC. Morgan Stanley raised shares of 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 cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price on the stock. in a report on Tuesday, January 16th. HSBC restated a “hold” rating and set a $39.00 target price (up previously from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Barclays boosted their target price 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, Keefe, Bruyette & Woods boosted their target price on shares of Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a report on Friday, April 5th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Bank of America has a consensus rating of “Hold” and a consensus target price of $38.29.

Bank of America Price Performance

Shares of NYSE:BAC opened at $35.95 on Tuesday. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $38.35. The business has a 50-day simple moving average of $35.48 and a two-hundred day simple moving average of $32.14. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a market cap of $283.67 billion, a price-to-earnings ratio of 11.71, a price-to-earnings-growth ratio of 1.63 and a beta of 1.39.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.70 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $22 billion during the quarter, compared to analyst estimates of $23.70 billion. During the same quarter in the prior year, the firm earned $0.85 EPS. The business’s revenue for the quarter was down 10.2% compared to the same quarter last year. On average, analysts expect that Bank of America Co. will post 3.13 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.67%. The ex-dividend date of this dividend was Thursday, February 29th. Bank of America’s payout ratio is currently 31.27%.

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.