Coombe Bender & Co LLC Sells 14,507 Shares of Bank of America Co. (NYSE:BAC)

Coombe Bender & Co LLC trimmed its stake in Bank of America Co. (NYSE:BAC) by 24.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 45,778 shares of the financial services provider’s stock after selling 14,507 shares during the quarter. Bank of America comprises about 1.0% of Coombe Bender & Co LLC’s holdings, making the stock its 29th biggest position. Coombe Bender & Co LLC’s holdings in Bank of America were worth $1,541,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Barclays PLC increased its position in shares of Bank of America by 97.3% during the third quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock worth $1,130,538,000 after acquiring an additional 20,362,295 shares in the last quarter. Alphinity Investment Management Pty Ltd increased its holdings in Bank of America by 1,071.8% during the 4th quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock worth $474,150,000 after purchasing an additional 12,880,492 shares in the last quarter. Darsana Capital Partners LP purchased a new stake in shares of Bank of America in the third quarter worth approximately $177,970,000. Canada Pension Plan Investment Board lifted its holdings in shares of Bank of America by 143.5% in the third quarter. Canada Pension Plan Investment Board now owns 10,659,309 shares of the financial services provider’s stock valued at $291,852,000 after purchasing an additional 6,281,690 shares in the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC purchased a new position in shares of Bank of America during the third quarter valued at approximately $168,610,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Down 0.6 %

NYSE:BAC traded down $0.23 during trading hours on Thursday, reaching $36.72. 11,720,493 shares of the company traded hands, compared to its average volume of 40,673,039. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $38.49. The stock has a market capitalization of $289.74 billion, a P/E ratio of 12.75, a P/E/G ratio of 1.66 and a beta of 1.37. The business’s 50-day moving average price is $36.33 and its two-hundred day moving average price is $32.98. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share 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 analyst estimates of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. Bank of America’s revenue was down 1.7% compared to the same quarter last year. During the same period last year, the business earned $0.94 EPS. Analysts predict that Bank of America Co. will post 3.19 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.61%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on BAC shares. JPMorgan Chase & Co. raised their price objective on Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a research note on Wednesday. Jefferies Financial Group raised their price target on shares of Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research report on Monday, April 8th. UBS Group reaffirmed a “neutral” rating and issued a $40.00 price objective (up from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Wells Fargo & Company lifted their target price on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Finally, Odeon Capital Group lowered Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price for the company. in a report on Tuesday, January 16th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $38.70.

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.