Check Capital Management Inc. CA Decreases Holdings in Bank of America Co. (NYSE:BAC)

Check Capital Management Inc. CA decreased its position in shares of Bank of America Co. (NYSE:BAC) by 13.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 137,106 shares of the financial services provider’s stock after selling 20,948 shares during the quarter. Bank of America accounts for about 0.2% of Check Capital Management Inc. CA’s holdings, making the stock its 15th biggest position. Check Capital Management Inc. CA’s holdings in Bank of America were worth $4,616,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Fortis Group Advisors LLC purchased a new stake in Bank of America in the 3rd quarter valued at approximately $25,000. Castleview Partners LLC acquired a new position in Bank of America in the 1st quarter valued at $28,000. Glass Jacobson Investment Advisors llc raised its holdings in Bank of America by 98.1% in the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 504 shares during the last quarter. ZRC Wealth Management LLC raised its holdings in Bank of America by 192.3% in the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 750 shares during the last quarter. Finally, Live Oak Investment Partners acquired a new position in Bank of America in the 4th quarter valued at $39,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 3.4 %

NYSE:BAC traded up $1.20 on Friday, reaching $36.97. The stock had a trading volume of 56,242,939 shares, compared to its average volume of 41,782,625. The company has a current ratio of 0.79, a quick ratio of 0.80 and a debt-to-equity ratio of 1.12. The company has a 50-day moving average of $35.61 and a 200 day moving average of $32.24. The stock has a market cap of $291.72 billion, a P/E ratio of 12.81, a price-to-earnings-growth ratio of 1.59 and a beta of 1.39. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $38.35.

Bank of America (NYSE:BAC) last issued its quarterly 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 business had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. During the same quarter last year, the company posted $0.94 earnings per share. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. On average, research analysts predict that Bank of America Co. will post 3.16 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.96 annualized dividend and a dividend yield of 2.60%. Bank of America’s payout ratio is 33.22%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Jefferies Financial Group boosted their price target on Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a report on Monday, April 8th. HSBC restated a “hold” rating and set a $39.00 price objective (up from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Odeon Capital Group downgraded Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective for the company. in a report on Tuesday, January 16th. UBS Group restated a “neutral” rating and set a $40.00 price objective (up from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Finally, Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective for the company in a report on Friday. 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 company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $38.53.

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.