Citizens Business Bank Cuts Stake in Bank of America Co. (NYSE:BAC)

Citizens Business Bank lowered its position in shares of Bank of America Co. (NYSE:BAC) by 5.3% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 74,080 shares of the financial services provider’s stock after selling 4,112 shares during the period. Citizens Business Bank’s holdings in Bank of America were worth $2,494,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Regent Peak Wealth Advisors LLC boosted its stake in Bank of America by 3.2% in the 4th quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock worth $336,000 after purchasing an additional 314 shares during the period. Kennedy Investment Group boosted its holdings in Bank of America by 0.6% in the 4th quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock valued at $1,953,000 after purchasing an additional 321 shares during the period. Private Ocean LLC grew its position in 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 worth $43,000 after buying an additional 325 shares in the last quarter. Selective Wealth Management Inc. raised its holdings in shares of Bank of America by 2.0% in the 4th quarter. Selective Wealth Management Inc. now owns 17,351 shares of the financial services provider’s stock valued at $586,000 after acquiring an additional 334 shares in the last quarter. Finally, Legacy Capital Wealth Partners LLC boosted its position in shares of Bank of America by 4.0% during the 4th quarter. Legacy Capital Wealth Partners LLC now owns 8,770 shares of the financial services provider’s stock valued at $295,000 after acquiring an additional 338 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of research reports. Wells Fargo & Company upped their price objective on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Oppenheimer increased their target price on Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Tuesday. Evercore ISI lifted their price target on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research note on Thursday, April 4th. UBS Group reiterated a “neutral” rating and set a $40.00 target price (up from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Finally, BMO Capital Markets lifted their price target on shares of Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a report on Thursday, April 18th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $38.59.

Bank of America Trading Down 1.5 %

NYSE BAC traded down $0.54 during trading on Tuesday, hitting $37.01. The stock had a trading volume of 30,280,209 shares, compared to its average volume of 41,130,859. The stock has a market capitalization of $291.99 billion, a price-to-earnings ratio of 12.90, a P/E/G ratio of 1.69 and a beta of 1.39. The stock has a 50 day simple moving average of $36.20 and a 200 day simple moving average of $32.88. Bank of America Co. has a one year low of $24.96 and a one year high of $38.49. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The firm had revenue of $25.82 billion for the quarter, compared to analysts’ expectations 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 for the quarter was down 1.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.94 earnings per share. Sell-side analysts predict that Bank of America Co. will post 3.19 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a $0.24 dividend. The ex-dividend date is Friday, June 7th. This represents a $0.96 annualized dividend and a yield of 2.59%. Bank of America’s dividend payout ratio (DPR) is 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.