Bank of America Corp (BAC) Position Reduced by Circle Wealth Management LLC
Circle Wealth Management LLC decreased its position in Bank of America Corp (NYSE:BAC) by 44.8% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 12,494 shares of the financial services provider’s stock after selling 10,152 shares during the period. Circle Wealth Management LLC’s holdings in Bank of America were worth $308,000 at the end of the most recent reporting period.
Other institutional investors have also recently bought and sold shares of the company. Cranbrook Wealth Management LLC lifted its position in Bank of America by 86.1% in the 4th quarter. Cranbrook Wealth Management LLC now owns 1,081 shares of the financial services provider’s stock worth $27,000 after buying an additional 500 shares in the last quarter. Karp Capital Management Corp purchased a new stake in Bank of America in the 4th quarter worth approximately $31,000. Semmax Financial Advisors Inc. purchased a new stake in Bank of America in the 4th quarter worth approximately $34,000. NewSquare Capital LLC lifted its position in Bank of America by 50.0% in the 4th quarter. NewSquare Capital LLC now owns 1,500 shares of the financial services provider’s stock worth $37,000 after buying an additional 500 shares in the last quarter. Finally, Intercontinental Wealth Advisors LLC purchased a new stake in Bank of America in the 4th quarter worth approximately $41,000. 65.25% of the stock is owned by hedge funds and other institutional investors.
A number of research firms have issued reports on BAC. ValuEngine upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Friday. Zacks Investment Research upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $32.00 target price for the company in a research report on Tuesday, March 12th. HSBC began coverage on shares of Bank of America in a research report on Thursday, April 4th. They issued a “hold” rating and a $29.00 target price for the company. Jefferies Financial Group downgraded shares of Bank of America from a “buy” rating to a “hold” rating and set a $32.00 target price for the company. in a research report on Wednesday. Finally, BMO Capital Markets increased their target price on shares of Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research report on Wednesday. Eleven research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $33.25.
Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.05. The business had revenue of $23 billion for the quarter, compared to the consensus estimate of $23.24 billion. Bank of America had a net margin of 25.45% and a return on equity of 11.66%. Bank of America’s revenue for the quarter was down .4% on a year-over-year basis. During the same quarter last year, the firm earned $0.62 EPS. On average, research analysts expect that Bank of America Corp will post 2.85 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were issued a dividend of $0.15 per share. The ex-dividend date was Thursday, February 28th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.00%. Bank of America’s dividend payout ratio is currently 22.99%.
In other news, insider Dean C. Athanasia sold 129,615 shares of the firm’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $29.78, for a total transaction of $3,859,934.70. Following the transaction, the insider now owns 243,617 shares in the company, valued at approximately $7,254,914.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.17% of the stock is currently owned by company insiders.
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Bank of America 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. It operates through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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