Miles Capital Inc. trimmed its position in Bank of America Corp (NYSE:BAC) by 2.7% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 25,671 shares of the financial services provider’s stock after selling 706 shares during the period. Miles Capital Inc.’s holdings in Bank of America were worth $904,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors have also recently made changes to their positions in BAC. Nvwm LLC increased its position in Bank of America by 0.9% during the 3rd quarter. Nvwm LLC now owns 34,592 shares of the financial services provider’s stock worth $1,009,000 after purchasing an additional 321 shares in the last quarter. Signature Estate & Investment Advisors LLC boosted its holdings in shares of Bank of America by 4.7% in the 3rd quarter. Signature Estate & Investment Advisors LLC now owns 7,325 shares of the financial services provider’s stock valued at $214,000 after purchasing an additional 326 shares during the last quarter. FTB Advisors Inc. boosted its holdings in shares of Bank of America by 0.4% in the 4th quarter. FTB Advisors Inc. now owns 83,419 shares of the financial services provider’s stock valued at $2,937,000 after purchasing an additional 329 shares during the last quarter. Enterprise Trust & Investment Co boosted its holdings in shares of Bank of America by 1.9% in the 4th quarter. Enterprise Trust & Investment Co now owns 18,778 shares of the financial services provider’s stock valued at $661,000 after purchasing an additional 349 shares during the last quarter. Finally, Wendell David Associates Inc. grew its stake in shares of Bank of America by 1.5% during the 3rd quarter. Wendell David Associates Inc. now owns 24,452 shares of the financial services provider’s stock valued at $713,000 after buying an additional 350 shares during the period. Institutional investors own 69.21% of the company’s stock.
In other news, Director Frank P. Bramble sold 6,500 shares of the company’s stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $31.33, for a total value of $203,645.00. Following the completion of the transaction, the director now directly owns 50,000 shares in the company, valued at $1,566,500. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.17% of the stock is currently owned by corporate insiders.
A number of analysts have recently commented on the company. Citigroup upped their price objective on Bank of America from $29.00 to $37.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. DA Davidson began coverage on shares of Bank of America in a research note on Wednesday, January 8th. They set a “neutral” rating and a $36.00 price objective for the company. Wells Fargo & Co set a $34.00 price objective on shares of Bank of America and gave the stock a “buy” rating in a research note on Tuesday, October 15th. BMO Capital Markets lowered shares of Bank of America from an “outperform” rating to a “market perform” rating and set a $37.00 price objective for the company. in a research report on Thursday, January 2nd. Finally, Morgan Stanley reissued a “buy” rating and issued a $38.00 target price (up previously from $35.00) on shares of Bank of America in a research note on Monday, November 18th. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have given a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $34.99.
NYSE BAC traded down $0.35 on Tuesday, reaching $34.36. The company had a trading volume of 14,946,896 shares, compared to its average volume of 36,845,160. The firm has a market capitalization of $309.03 billion, a PE ratio of 12.54, a P/E/G ratio of 1.27 and a beta of 1.64. Bank of America Corp has a 1 year low of $26.21 and a 1 year high of $35.72. The firm has a 50-day moving average of $34.65 and a 200-day moving average of $31.02. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.91 and a quick ratio of 0.90.
Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.05. The company had revenue of $22.30 billion during the quarter, compared to the consensus estimate of $22.30 billion. Bank of America had a net margin of 24.15% and a return on equity of 11.95%. Bank of America’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same quarter last year, the company earned $0.70 earnings per share. As a group, sell-side analysts expect that Bank of America Corp will post 3.05 EPS for the current fiscal year.
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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