Tranquility Partners LLC Has $629,000 Stock Holdings in Bank of America Co. (NYSE:BAC)

Tranquility Partners LLC cut its position in Bank of America Co. (NYSE:BAC) by 3.2% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 18,673 shares of the financial services provider’s stock after selling 621 shares during the period. Tranquility Partners LLC’s holdings in Bank of America were worth $629,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Fortis Group Advisors LLC acquired a new stake in Bank of America in the 3rd quarter valued at $25,000. Castleview Partners LLC acquired a new stake in Bank of America in the 1st quarter valued at $28,000. Glass Jacobson Investment Advisors llc increased its stake 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 buying an additional 504 shares during the last quarter. ZRC Wealth Management LLC increased its stake 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 buying an additional 750 shares during the last quarter. Finally, Live Oak Investment Partners acquired a new stake in Bank of America in the 4th quarter valued at $39,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Performance

NYSE BAC traded up $0.54 during trading on Wednesday, reaching $35.22. The company’s stock had a trading volume of 65,935,560 shares, compared to its average volume of 41,550,309. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15. The firm has a market capitalization of $277.87 billion, a price-to-earnings ratio of 11.47, a price-to-earnings-growth ratio of 1.64 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. The firm has a 50 day moving average price of $35.51 and a 200 day moving average price of $32.19.

Bank of America (NYSE:BAC) last posted 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. The firm had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The business’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 posted $0.94 EPS. As a group, equities analysts anticipate that Bank of America Co. will post 3.13 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.73%. The ex-dividend date of this dividend was Thursday, February 29th. Bank of America’s dividend payout ratio (DPR) is presently 31.27%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on BAC shares. Oppenheimer decreased their price objective on shares of Bank of America from $46.00 to $45.00 and set an “outperform” rating for the company in a research report on Wednesday. UBS Group reissued a “neutral” rating and issued a $40.00 price objective (up previously from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Keefe, Bruyette & Woods lifted their price objective on shares of Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a research report on Friday, April 5th. Evercore ISI lifted their price objective on shares of Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Finally, BMO Capital Markets decreased their price objective on shares of Bank of America from $37.00 to $36.00 and set a “market perform” rating for the company in a research report on Tuesday, January 16th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $38.23.

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.