Argyle Capital Management Inc. Has $3.77 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Argyle Capital Management Inc. trimmed its holdings in Bank of America Co. (NYSE:BAC) by 14.7% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 112,043 shares of the financial services provider’s stock after selling 19,350 shares during the period. Bank of America accounts for approximately 1.6% of Argyle Capital Management Inc.’s holdings, making the stock its 18th largest position. Argyle Capital Management Inc.’s holdings in Bank of America were worth $3,772,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in BAC. Fortis Group Advisors LLC bought a new stake in Bank of America in the third quarter worth approximately $25,000. Glass Jacobson Investment Advisors llc grew its position in 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 worth $28,000 after acquiring an additional 504 shares in the last quarter. Criterion Capital Advisors LLC bought a new stake in Bank of America in the fourth quarter worth approximately $32,000. ZRC Wealth Management LLC grew its position in 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 worth $38,000 after acquiring an additional 750 shares in the last quarter. Finally, Private Ocean LLC grew its position 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 worth $43,000 after acquiring an additional 325 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Wells Fargo & Company upped their price objective on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. HSBC reaffirmed 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. UBS Group reaffirmed 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. Odeon Capital Group downgraded shares of 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. Finally, Wolfe Research raised shares of 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, April 19th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, Bank of America presently has an average rating of “Hold” and a consensus price target of $38.53.

Bank of America Price Performance

Shares of BAC stock traded down $0.08 during mid-day trading on Friday, reaching $37.83. The company’s stock had a trading volume of 28,668,680 shares, compared to its average volume of 40,953,860. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $38.49. The company has a market cap of $298.50 billion, a P/E ratio of 13.09, a PEG ratio of 1.69 and a beta of 1.39. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The firm’s 50-day moving average is $36.13 and its two-hundred day moving average is $32.80.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. During the same quarter in the prior year, the company posted $0.94 EPS. The business’s revenue was down 1.7% on a year-over-year basis. On average, research analysts predict 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 disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.54%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio is 33.22%.

Bank of America Company 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.