Cedar Capital LLC Sells 1,747 Shares of Bank of America Corp (BAC)

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Cedar Capital LLC lessened its stake in shares of Bank of America Corp (NYSE:BAC) by 9.6% in the fourth quarter, Holdings Channel reports. The fund owned 16,447 shares of the financial services provider’s stock after selling 1,747 shares during the quarter. Cedar Capital LLC’s holdings in Bank of America were worth $405,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. NewSquare Capital LLC raised its stake in Bank of America by 50.0% during the 4th quarter. NewSquare Capital LLC now owns 1,500 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 500 shares during the period. Mackey Komara & Dankovich LLC acquired a new stake in Bank of America during the 4th quarter valued at $54,000. Watermark Asset Management Inc. raised its stake in Bank of America by 24.3% during the 4th quarter. Watermark Asset Management Inc. now owns 2,595 shares of the financial services provider’s stock valued at $64,000 after purchasing an additional 508 shares during the period. Arlington Partners LLC acquired a new stake in Bank of America during the 3rd quarter valued at $118,000. Finally, First Bank & Trust raised its stake in Bank of America by 15.3% during the 4th quarter. First Bank & Trust now owns 4,363 shares of the financial services provider’s stock valued at $107,000 after purchasing an additional 578 shares during the period. Institutional investors own 64.81% of the company’s stock.

NYSE BAC opened at $28.70 on Thursday. Bank of America Corp has a 1-year low of $22.66 and a 1-year high of $33.05. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.91 and a current ratio of 0.92. The firm has a market capitalization of $293.89 billion, a PE ratio of 11.00, a P/E/G ratio of 1.24 and a beta of 1.45.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, January 16th. The financial services provider reported $0.70 earnings per share for the quarter, topping 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 business had revenue of $22.89 billion for the quarter, compared to the consensus estimate of $22.37 billion. During the same period in the prior year, the business posted $0.48 earnings per share. Bank of America’s revenue for the quarter was up 10.7% compared to the same quarter last year. On average, sell-side analysts predict that Bank of America Corp will post 2.85 EPS for the current year.

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 2.09%. The ex-dividend date of this dividend is Thursday, February 28th. Bank of America’s dividend payout ratio (DPR) is presently 22.99%.

Several brokerages have issued reports on BAC. Zacks Investment Research downgraded shares of Bank of America from a “buy” rating to a “hold” rating in a research note on Wednesday, January 23rd. ValuEngine raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Thursday, November 8th. Barclays reissued a “hold” rating on shares of Bank of America in a research note on Thursday, January 17th. Daiwa Capital Markets downgraded shares of Bank of America from an “outperform” rating to a “market perform” rating in a research note on Friday, February 8th. Finally, Robert W. Baird reissued a “hold” rating and set a $28.00 target price on shares of Bank of America in a research note on Wednesday, January 2nd. Nine equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Bank of America currently has a consensus rating of “Hold” and a consensus price target of $33.18.

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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.

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

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