Bank of America (BAC) Stake Lowered by ArrowMark Colorado Holdings LLC

ArrowMark Colorado Holdings LLC reduced its stake in Bank of America (NYSE:BAC) by 25.2% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 315,200 shares of the financial services provider’s stock after selling 106,100 shares during the quarter. ArrowMark Colorado Holdings LLC’s holdings in Bank of America were worth $9,305,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of BAC. Burt Wealth Advisors lifted its holdings in Bank of America by 4,013.1% during the 3rd quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock worth $112,000 after buying an additional 4,294 shares in the last quarter. Legacy Advisors LLC purchased a new stake in shares of Bank of America in the 3rd quarter valued at approximately $115,000. HWG Holdings LP purchased a new stake in shares of Bank of America in the 3rd quarter valued at approximately $116,000. Gradient Investments LLC purchased a new stake in shares of Bank of America in the 4th quarter valued at approximately $150,000. Finally, Taylor Hoffman Wealth Management purchased a new stake in shares of Bank of America in the 4th quarter valued at approximately $151,000. Hedge funds and other institutional investors own 69.85% of the company’s stock.

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NYSE BAC opened at $30.26 on Monday. The company has a current ratio of 0.92, a quick ratio of 0.90 and a debt-to-equity ratio of 0.96. The firm has a market capitalization of $309,974.06, a P/E ratio of 16.54, a P/E/G ratio of 1.49 and a beta of 1.37. Bank of America has a 12 month low of $22.07 and a 12 month high of $33.05.

Bank of America (NYSE:BAC) last posted its earnings results on Monday, April 16th. The financial services provider reported $0.62 EPS for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.03. The firm had revenue of $23.10 billion for the quarter, compared to the consensus estimate of $23.04 billion. Bank of America had a net margin of 19.65% and a return on equity of 9.40%. The company’s revenue was up 4.1% on a year-over-year basis. During the same period last year, the firm posted $0.41 EPS. research analysts forecast that Bank of America will post 2.54 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 30th. Shareholders of record on Friday, March 2nd were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.59%. The ex-dividend date of this dividend was Thursday, March 1st. Bank of America’s payout ratio is currently 26.23%.

BAC has been the topic of a number of recent analyst reports. Credit Suisse Group increased their price objective on shares of Bank of America from $35.00 to $36.00 and gave the company an “outperform” rating in a research report on Friday, March 16th. Vetr raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $34.16 price objective on the stock in a research report on Thursday, March 1st. ValuEngine raised shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Jefferies Group reissued a “buy” rating and issued a $34.00 price objective on shares of Bank of America in a research report on Tuesday, April 17th. Finally, Vining Sparks reissued a “buy” rating and issued a $34.00 price objective on shares of Bank of America in a research report on Wednesday, January 17th. Ten research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $31.32.

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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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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