Glenview Trust Co Has $21.17 Million Stock Holdings in Bank of America Corporation $BAC

Glenview Trust Co lowered its stake in shares of Bank of America Corporation (NYSE:BAC) by 3.2% in the third quarter, HoldingsChannel reports. The institutional investor owned 410,307 shares of the financial services provider’s stock after selling 13,707 shares during the period. Glenview Trust Co’s holdings in Bank of America were worth $21,168,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of BAC. Shepherd Financial Partners LLC grew its stake in shares of Bank of America by 0.3% in the third quarter. Shepherd Financial Partners LLC now owns 60,279 shares of the financial services provider’s stock worth $3,110,000 after acquiring an additional 189 shares during the last quarter. William B. Walkup & Associates Inc. boosted its holdings in Bank of America by 1.4% in the 3rd quarter. William B. Walkup & Associates Inc. now owns 14,020 shares of the financial services provider’s stock valued at $723,000 after purchasing an additional 192 shares during the period. Albion Financial Group UT grew its position in Bank of America by 1.6% in the 3rd quarter. Albion Financial Group UT now owns 13,031 shares of the financial services provider’s stock worth $672,000 after purchasing an additional 205 shares during the last quarter. Motive Wealth Advisors increased its holdings in shares of Bank of America by 3.6% during the 3rd quarter. Motive Wealth Advisors now owns 5,910 shares of the financial services provider’s stock worth $305,000 after purchasing an additional 205 shares during the period. Finally, Howard Financial Services LTD. raised its position in shares of Bank of America by 2.5% during the third quarter. Howard Financial Services LTD. now owns 8,508 shares of the financial services provider’s stock valued at $439,000 after buying an additional 205 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Up 0.0%

Shares of NYSE BAC opened at $52.53 on Tuesday. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $57.55. 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 business has a fifty day moving average of $54.40 and a two-hundred day moving average of $52.11. The stock has a market cap of $383.59 billion, a PE ratio of 13.72, a PEG ratio of 1.28 and a beta of 1.29.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, January 14th. The financial services provider reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.02. Bank of America had a net margin of 16.23% and a return on equity of 11.07%. The business had revenue of $4.53 billion for the quarter, compared to analyst estimates of $27.73 billion. During the same quarter in the prior year, the firm earned $0.82 EPS. The firm’s quarterly revenue was up 12.3% compared to the same quarter last year. As a group, equities research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 6th will be paid a $0.28 dividend. The ex-dividend date is Friday, March 6th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. Bank of America’s payout ratio is 29.24%.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of recent research reports. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a research report on Tuesday, January 27th. Barclays lifted their price objective on Bank of America from $59.00 to $71.00 and gave the stock an “overweight” rating in a report on Monday, January 5th. Daiwa Securities Group cut their target price on Bank of America from $66.00 to $62.00 and set a “buy” rating for the company in a research note on Tuesday, January 27th. Ameriprise Financial upgraded shares of Bank of America to a “buy” rating in a research note on Wednesday, October 22nd. Finally, Royal Bank Of Canada boosted their price target on shares of Bank of America from $56.00 to $59.00 and gave the company an “outperform” rating in a report on Friday, December 12th. Twenty-two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and an average target price of $60.30.

Bank of America Company Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.