Lebenthal Asset Management LLC Sells 4,050 Shares of Bank of America Corp (BAC)

Lebenthal Asset Management LLC decreased its stake in shares of Bank of America Corp (NYSE:BAC) by 11.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 30,460 shares of the financial services provider’s stock after selling 4,050 shares during the period. Lebenthal Asset Management LLC’s holdings in Bank of America Corp were worth $673,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Montrusco Bolton Investments Inc. acquired a new position in shares of Bank of America Corp during the third quarter worth about $194,000. Farmers & Merchants Investments Inc. increased its position in shares of Bank of America Corp by 5.4% in the third quarter. Farmers & Merchants Investments Inc. now owns 187,417 shares of the financial services provider’s stock worth $2,933,000 after buying an additional 9,602 shares during the period. Trust Co increased its position in shares of Bank of America Corp by 1.2% in the second quarter. Trust Co now owns 138,986 shares of the financial services provider’s stock worth $1,844,000 after buying an additional 1,629 shares during the period. Van Cleef Asset Management Inc increased its position in shares of Bank of America Corp by 4.4% in the third quarter. Van Cleef Asset Management Inc now owns 35,242 shares of the financial services provider’s stock worth $552,000 after buying an additional 1,500 shares during the period. Finally, Smith Chas P & Associates PA Cpas increased its position in shares of Bank of America Corp by 17.2% in the third quarter. Smith Chas P & Associates PA Cpas now owns 19,879 shares of the financial services provider’s stock worth $338,000 after buying an additional 2,913 shares during the period. 63.95% of the stock is owned by hedge funds and other institutional investors.

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

Bank of America Corp (NYSE:BAC) traded down 0.78% during trading on Friday, reaching $22.89. 34,342,313 shares of the company’s stock traded hands. The company has a market cap of $240.72 billion, a P/E ratio of 15.29 and a beta of 1.47. The firm’s 50 day moving average is $23.88 and its 200 day moving average is $21.62. Bank of America Corp has a 12 month low of $12.05 and a 12 month high of $25.80.

Bank of America Corp (NYSE:BAC) last posted its quarterly earnings results on Tuesday, April 18th. The financial services provider reported $0.41 EPS for the quarter, topping the consensus estimate of $0.35 by $0.06. The firm had revenue of $22.45 billion for the quarter, compared to the consensus estimate of $21.77 billion. Bank of America Corp had a net margin of 18.10% and a return on equity of 6.85%. The business’s revenue was up 6.9% compared to the same quarter last year. During the same period last year, the firm posted $0.28 earnings per share. Analysts anticipate that Bank of America Corp will post $1.77 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, March 31st. Shareholders of record on Friday, March 3rd were paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 1.30%. The ex-dividend date of this dividend was Wednesday, March 1st. Bank of America Corp’s dividend payout ratio (DPR) is presently 21.74%.

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Several equities analysts recently weighed in on the company. Nomura reaffirmed a “buy” rating on shares of Bank of America Corp in a research note on Wednesday. Macquarie raised Bank of America Corp from a “neutral” rating to an “outperform” rating and set a $28.00 price objective for the company in a research note on Thursday, February 16th. Compass Point downgraded Bank of America Corp from a “neutral” rating to a “sell” rating and set a $20.00 price objective for the company. in a research note on Thursday, March 16th. FBR & Co reiterated a “buy” rating and set a $21.00 target price on shares of Bank of America Corp in a report on Wednesday, January 11th. Finally, BMO Capital Markets reiterated a “hold” rating and set a $21.00 target price on shares of Bank of America Corp in a report on Tuesday, April 11th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-seven have issued a buy rating and two have issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $22.30.

Bank of America Corp Company Profile

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.

5 Day Chart for NYSE:BAC

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