Waycross Partners LLC Has $1.01 Million Holdings in Bank of America Co. (NYSE:BAC)

Waycross Partners LLC cut its holdings in Bank of America Co. (NYSE:BAC) by 10.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 30,000 shares of the financial services provider’s stock after selling 3,500 shares during the period. Waycross Partners LLC’s holdings in Bank of America were worth $1,010,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BAC. Fortis Group Advisors LLC acquired a new stake in shares of Bank of America in the third quarter valued at approximately $25,000. Glass Jacobson Investment Advisors llc grew its stake in shares of Bank of America by 98.1% in the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after buying an additional 504 shares in the last quarter. Criterion Capital Advisors LLC bought a new position in shares of Bank of America in the fourth quarter valued at $32,000. ZRC Wealth Management LLC grew its stake in shares of Bank of America by 192.3% in the fourth quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after buying an additional 750 shares in the last quarter. Finally, Private Ocean LLC boosted its position in Bank of America by 34.0% during the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 325 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

BAC stock traded down $0.54 during midday trading on Tuesday, reaching $37.01. The company had a trading volume of 30,280,209 shares, compared to its average volume of 41,130,859. The company has a market capitalization of $291.99 billion, a price-to-earnings ratio of 12.80, a price-to-earnings-growth ratio of 1.69 and a beta of 1.39. The stock has a 50 day moving average price of $36.26 and a 200-day moving average price of $32.95. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $38.49. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The business had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. Bank of America’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.94 earnings per share. Equities research analysts expect that Bank of America Co. will post 3.19 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.59%. The ex-dividend date is Friday, June 7th. Bank of America’s payout ratio is 33.22%.

Analyst Ratings Changes

A number of equities analysts have commented on BAC shares. Evercore ISI lifted their price objective on shares of Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. BMO Capital Markets lifted their price objective on shares of 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. Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $32.00 to $41.00 in a research report on Tuesday, January 30th. Oppenheimer lifted their target price on Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a report on Tuesday. Finally, Keefe, Bruyette & Woods lifted their target price on Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a report on Friday, April 5th. One 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 MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $38.59.

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.