Jackson Hole Capital Partners LLC Sells 30,448 Shares of Bank of America Co. (NYSE:BAC)

Jackson Hole Capital Partners LLC reduced its position in shares of Bank of America Co. (NYSE:BAC) by 75.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 9,712 shares of the financial services provider’s stock after selling 30,448 shares during the quarter. Jackson Hole Capital Partners LLC’s holdings in Bank of America were worth $327,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Regent Peak Wealth Advisors LLC grew its stake in Bank of America by 3.2% in the fourth quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock valued at $336,000 after acquiring an additional 314 shares during the period. Kennedy Investment Group grew its stake in Bank of America by 0.6% in the fourth quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock valued at $1,953,000 after acquiring an additional 321 shares during the period. Private Ocean LLC grew its stake in Bank of America by 34.0% in the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 325 shares during the period. Selective Wealth Management Inc. grew its stake in Bank of America by 2.0% in the fourth quarter. Selective Wealth Management Inc. now owns 17,351 shares of the financial services provider’s stock valued at $586,000 after acquiring an additional 334 shares during the period. Finally, Morton Capital Management LLC CA grew its stake in Bank of America by 3.3% in the fourth quarter. Morton Capital Management LLC CA now owns 10,628 shares of the financial services provider’s stock valued at $358,000 after acquiring an additional 341 shares during the period. 70.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. UBS Group reaffirmed a “neutral” rating and set a $40.00 target price (up previously from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. HSBC reissued a “hold” rating and issued a $39.00 price objective (up previously from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. BMO Capital Markets boosted their price objective on Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research report on Thursday, April 18th. Citigroup lifted their price objective on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 20th. Finally, Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $32.00 to $41.00 in a research note on Tuesday, January 30th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Bank of America has a consensus rating of “Hold” and an average price target of $38.53.

Bank of America Trading Down 0.2 %

Shares of NYSE:BAC traded down $0.09 on Friday, hitting $37.82. The company had a trading volume of 28,659,995 shares, compared to its average volume of 41,444,340. The firm’s 50-day simple moving average is $36.06 and its two-hundred day simple moving average is $32.64. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $38.49. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm has a market capitalization of $298.42 billion, a price-to-earnings ratio of 13.15, a P/E/G ratio of 1.72 and a beta of 1.39.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS 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 during the quarter, compared to analysts’ expectations of $25.49 billion. During the same period last year, the company posted $0.94 EPS. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. Equities analysts anticipate that Bank of America Co. will post 3.19 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.54%. Bank of America’s dividend payout ratio (DPR) is currently 33.22%.

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.