Bradley Foster & Sargent Inc. CT Reduces Position in Bank of America Corp (BAC)

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Bradley Foster & Sargent Inc. CT decreased its stake in shares of Bank of America Corp (NYSE:BAC) by 0.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 263,269 shares of the financial services provider’s stock after selling 1,526 shares during the quarter. Bradley Foster & Sargent Inc. CT’s holdings in Bank of America were worth $6,487,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. NewSquare Capital LLC boosted its position in shares of Bank of America by 50.0% during the fourth quarter. NewSquare Capital LLC now owns 1,500 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 500 shares during the last quarter. Mackey Komara & Dankovich LLC bought a new position in shares of Bank of America during the fourth quarter worth $54,000. Watermark Asset Management Inc. boosted its position in shares of Bank of America by 24.3% during the fourth quarter. Watermark Asset Management Inc. now owns 2,595 shares of the financial services provider’s stock worth $64,000 after acquiring an additional 508 shares during the last quarter. Arlington Partners LLC bought a new position in shares of Bank of America during the third quarter worth $118,000. Finally, First Bank & Trust boosted its position in shares of Bank of America by 15.3% during the fourth quarter. First Bank & Trust now owns 4,363 shares of the financial services provider’s stock worth $107,000 after acquiring an additional 578 shares during the last quarter. Hedge funds and other institutional investors own 64.81% of the company’s stock.

A number of equities analysts recently weighed in on BAC shares. Wells Fargo & Co set a $36.00 target price on shares of Bank of America and gave the stock a “buy” rating in a research report on Wednesday, January 16th. Edward Jones raised shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, January 9th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and set a $32.00 price target on the stock in a research note on Tuesday, January 8th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Bank of America in a research note on Tuesday, January 8th. Finally, Zacks Investment Research raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $32.00 price target on the stock in a research note on Monday, January 21st. Nine investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Bank of America presently has a consensus rating of “Hold” and an average price target of $33.18.

Bank of America stock opened at $28.41 on Tuesday. The firm has a market cap of $289.79 billion, a P/E ratio of 10.89, a price-to-earnings-growth ratio of 1.24 and a beta of 1.45. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.94. Bank of America Corp has a 52-week low of $22.66 and a 52-week high of $33.05.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, January 16th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.07. Bank of America had a net margin of 25.45% and a return on equity of 11.66%. The company had revenue of $22.89 billion for the quarter, compared to the consensus estimate of $22.37 billion. During the same quarter in the prior year, the firm earned $0.48 earnings per share. Bank of America’s revenue was up 10.7% on a year-over-year basis. On average, equities research analysts predict that Bank of America Corp will post 2.85 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 1st will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.11%. The ex-dividend date is Thursday, February 28th. Bank of America’s dividend payout ratio is currently 22.99%.

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

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

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