Community Bank & Trust Waco Texas Has $1.08 Million Stock Position in Bank of America Co. (NYSE:BAC)

Community Bank & Trust Waco Texas lessened its position in Bank of America Co. (NYSE:BAC) by 22.9% in the fourth quarter, HoldingsChannel reports. The fund owned 32,055 shares of the financial services provider’s stock after selling 9,505 shares during the quarter. Community Bank & Trust Waco Texas’ holdings in Bank of America were worth $1,079,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in BAC. Summit Global Investments lifted its holdings in Bank of America by 17.9% during the third quarter. Summit Global Investments now owns 21,862 shares of the financial services provider’s stock worth $599,000 after acquiring an additional 3,312 shares during the period. Legacy Capital Wealth Partners LLC bought a new stake in Bank of America during the third quarter worth about $231,000. First Affirmative Financial Network lifted its stake in Bank of America by 10.3% during the third quarter. First Affirmative Financial Network now owns 8,943 shares of the financial services provider’s stock worth $245,000 after purchasing an additional 835 shares during the last quarter. Naples Global Advisors LLC lifted its stake in shares of Bank of America by 9.0% in the 3rd quarter. Naples Global Advisors LLC now owns 28,086 shares of the financial services provider’s stock valued at $769,000 after acquiring an additional 2,316 shares during the last quarter. Finally, Douglas Lane & Associates LLC raised its position in Bank of America by 3.0% during the 3rd quarter. Douglas Lane & Associates LLC now owns 2,860,587 shares of the financial services provider’s stock valued at $78,323,000 after purchasing an additional 84,439 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on BAC. Citigroup upped their price target on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 20th. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Barclays raised their price objective on Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. Keefe, Bruyette & Woods raised their price objective on Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a research report on Friday, April 5th. Finally, Wolfe Research raised shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective for the company in a research note on Friday, April 19th. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, Bank of America currently has an average rating of “Hold” and a consensus target price of $38.53.

Bank of America Stock Down 0.4 %

NYSE:BAC traded down $0.15 during midday trading on Wednesday, hitting $38.22. 12,204,747 shares of the company were exchanged, compared to its average volume of 41,389,520. The company has a fifty day simple moving average of $35.88 and a 200 day simple moving average of $32.57. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $38.50. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a market capitalization of $301.58 billion, a PE ratio of 13.28, a price-to-earnings-growth ratio of 1.70 and a beta of 1.39.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The business had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business’s revenue was down 1.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.94 earnings per share. As a group, equities analysts anticipate that Bank of America Co. will post 3.17 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.51%. The ex-dividend date of this dividend was Thursday, February 29th. Bank of America’s payout ratio is 33.22%.

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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.