CapWealth Advisors LLC Has $25.28 Million Holdings in Bank of America Co. (NYSE:BAC)

CapWealth Advisors LLC cut its stake in shares of Bank of America Co. (NYSE:BAC) by 2.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 750,791 shares of the financial services provider’s stock after selling 21,821 shares during the quarter. Bank of America makes up approximately 3.1% of CapWealth Advisors LLC’s holdings, making the stock its 8th biggest holding. CapWealth Advisors LLC’s holdings in Bank of America were worth $25,279,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of BAC. Moneta Group Investment Advisors LLC increased its position in shares of Bank of America by 108,111.3% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 193,168,025 shares of the financial services provider’s stock worth $6,397,725,000 after acquiring an additional 192,989,515 shares during the period. Norges Bank purchased a new position in shares of Bank of America during the fourth quarter worth approximately $3,436,543,000. Barclays PLC increased its position in shares of Bank of America by 97.3% during the third quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock worth $1,130,538,000 after acquiring an additional 20,362,295 shares during the period. Snider Financial Group increased its position in shares of Bank of America by 9,477.3% during the first quarter. Snider Financial Group now owns 14,448,357 shares of the financial services provider’s stock worth $5,956,000 after acquiring an additional 14,297,496 shares during the period. Finally, Alphinity Investment Management Pty Ltd increased its holdings in Bank of America by 1,071.8% during the fourth quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock valued at $474,150,000 after buying an additional 12,880,492 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Up 1.6 %

BAC traded up $0.56 during trading hours on Thursday, hitting $35.79. 16,848,122 shares of the company’s stock were exchanged, compared to its average volume of 41,204,039. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $38.35. The firm has a 50 day moving average of $35.55 and a 200 day moving average of $32.21. The firm has a market cap of $282.41 billion, a P/E ratio of 12.41, a price-to-earnings-growth ratio of 1.58 and a beta of 1.39. The company has a current ratio of 0.79, a quick ratio of 0.80 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. During the same period in the prior year, the firm earned $0.94 EPS. The firm’s revenue for the quarter was down 1.7% on a year-over-year basis. Analysts predict that Bank of America Co. will post 3.13 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.68%. The ex-dividend date of this dividend was Thursday, February 29th. Bank of America’s dividend payout ratio is presently 33.22%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Citigroup lifted their price objective on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a report on Wednesday, March 20th. Wells Fargo & Company boosted their target price on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Barclays upped their price objective on shares of Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research note on Tuesday, January 2nd. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Finally, Oppenheimer dropped their price objective on shares of Bank of America from $46.00 to $45.00 and set an “outperform” rating for the company in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, Bank of America has an average rating of “Hold” and a consensus price target of $38.29.

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.