Mcdonald Partners LLC Sells 35,795 Shares of Bank of America Corporation $BAC

Mcdonald Partners LLC lowered its position in shares of Bank of America Corporation (NYSE:BAC) by 72.3% during the third quarter, HoldingsChannel reports. The fund owned 13,696 shares of the financial services provider’s stock after selling 35,795 shares during the quarter. Mcdonald Partners LLC’s holdings in Bank of America were worth $707,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of BAC. Riverview Capital Advisers LLC boosted its stake in shares of Bank of America by 4.2% during the third quarter. Riverview Capital Advisers LLC now owns 4,686 shares of the financial services provider’s stock valued at $242,000 after purchasing an additional 188 shares in the last quarter. Shepherd Financial Partners LLC increased 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 valued at $3,110,000 after buying an additional 189 shares during the period. William B. Walkup & Associates Inc. raised 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 buying an additional 192 shares during the last quarter. Albion Financial Group UT boosted its position in Bank of America by 1.6% during the 3rd quarter. Albion Financial Group UT now owns 13,031 shares of the financial services provider’s stock worth $672,000 after buying an additional 205 shares during the period. Finally, Motive Wealth Advisors boosted its position in 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 buying an additional 205 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE:BAC opened at $49.97 on Wednesday. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $57.55. The stock’s 50 day moving average is $53.67 and its 200-day moving average is $52.52. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.15. The firm has a market capitalization of $358.62 billion, a price-to-earnings ratio of 13.05, a PEG ratio of 1.21 and a beta of 1.28.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, January 14th. The financial services provider reported $0.98 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $27.73 billion. During the same quarter in the previous year, the business posted $0.82 EPS. Bank of America’s quarterly revenue was up 12.3% on a year-over-year basis. Sell-side analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 6th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Friday, March 6th. Bank of America’s dividend payout ratio is currently 29.24%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on BAC. CICC Research started coverage on shares of Bank of America in a research report on Wednesday, January 14th. They issued an “outperform” rating and a $62.00 price target for the company. Royal Bank Of Canada boosted their price objective on shares of Bank of America from $56.00 to $59.00 and gave the stock an “outperform” rating in a research note on Friday, December 12th. JPMorgan Chase & Co. increased their price objective on Bank of America from $58.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday, January 6th. Wolfe Research lowered Bank of America from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, January 7th. Finally, Barclays upped their price target on Bank of America from $59.00 to $71.00 and gave the company an “overweight” rating in a research report on Monday, January 5th. Twenty-two research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $60.30.

Bank of America 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.