Marco Investment Management LLC Sells 3,913 Shares of Bank of America Co. (NYSE:BAC)

Marco Investment Management LLC lessened its position in Bank of America Co. (NYSE:BAC) by 3.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 97,707 shares of the financial services provider’s stock after selling 3,913 shares during the period. Marco Investment Management LLC’s holdings in Bank of America were worth $3,290,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Fortis Group Advisors LLC purchased a new position in shares of Bank of America during the third quarter valued at approximately $25,000. Glass Jacobson Investment Advisors llc raised its holdings in shares of Bank of America by 98.1% during 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 purchasing an additional 504 shares during the last quarter. Criterion Capital Advisors LLC purchased a new position in shares of Bank of America during the fourth quarter valued at approximately $32,000. ZRC Wealth Management LLC raised its holdings in shares of Bank of America by 192.3% during the fourth quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 750 shares during the last quarter. Finally, Private Ocean LLC raised its holdings in shares of 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 valued at $43,000 after purchasing an additional 325 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

BAC has been the subject of a number of research reports. Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $32.00 to $41.00 in a report on Tuesday, January 30th. BMO Capital Markets increased 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 note on Thursday, April 18th. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Wells Fargo & Company increased their price objective on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Finally, Odeon Capital Group cut 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 research note on Tuesday, January 16th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Bank of America has a consensus rating of “Hold” and an average target price of $38.53.

Bank of America Trading Down 0.2 %

Shares of Bank of America stock traded down $0.08 during trading on Friday, hitting $37.83. The stock had a trading volume of 28,668,680 shares, compared to its average volume of 40,953,860. The firm’s fifty day simple moving average is $36.13 and its 200-day simple moving average is $32.80. The stock has a market cap of $298.50 billion, a PE 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 current ratio of 0.79 and a quick ratio of 0.79. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $38.49.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.06. The firm 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%. The business’s revenue was down 1.7% on a year-over-year basis. During the same quarter last year, the business earned $0.94 EPS. As a group, sell-side analysts expect that Bank of America Co. will post 3.19 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.54%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio is presently 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.