Bank of America Co. (NYSE:BAC) Shares Sold by Cidel Asset Management Inc.

Cidel Asset Management Inc. reduced its position in Bank of America Co. (NYSE:BAC) by 4.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 86,134 shares of the financial services provider’s stock after selling 4,348 shares during the quarter. Cidel Asset Management Inc.’s holdings in Bank of America were worth $3,786,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Kennebec Savings Bank bought a new position in Bank of America during the third quarter worth $29,000. Highline Wealth Partners LLC boosted its holdings in shares of Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after buying an additional 510 shares during the period. Christopher J. Hasenberg Inc grew its position in shares of Bank of America by 525.9% during the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after buying an additional 852 shares during the last quarter. Retirement Wealth Solutions LLC bought a new position in Bank of America in the fourth quarter worth about $42,000. Finally, Northwest Investment Counselors LLC acquired a new position in Bank of America in the third quarter valued at approximately $45,000. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

BAC has been the subject of a number of analyst reports. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $46.00 to $54.00 in a research report on Friday, November 8th. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target on the stock in a research note on Friday, October 18th. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Finally, Evercore ISI reduced their price target on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Trading Down 0.7 %

Shares of NYSE:BAC opened at $47.43 on Friday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market capitalization of $363.89 billion, a price-to-earnings ratio of 14.73, a PEG ratio of 1.29 and a beta of 1.33. Bank of America Co. has a 1-year low of $32.35 and a 1-year high of $48.08. The company has a 50 day moving average price of $45.77 and a 200 day moving average price of $42.88.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.05. The business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company’s revenue was up 15.0% compared to the same quarter last year. During the same period last year, the company posted $0.70 EPS. On average, research analysts anticipate that Bank of America Co. will post 3.69 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.19%. Bank of America’s payout ratio is presently 32.30%.

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.