Onyx Bridge Wealth Group LLC Reduces Holdings in Bank of America Co. (NYSE:BAC)

Onyx Bridge Wealth Group LLC decreased its position in shares of Bank of America Co. (NYSE:BAC) by 14.0% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 9,706 shares of the financial services provider’s stock after selling 1,576 shares during the quarter. Onyx Bridge Wealth Group LLC’s holdings in Bank of America were worth $327,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in BAC. Roundview Capital LLC boosted its stake in shares of Bank of America by 1.5% during the first quarter. Roundview Capital LLC now owns 135,764 shares of the financial services provider’s stock worth $5,596,000 after buying an additional 2,013 shares during the period. Loomis Sayles & Co. L P lifted its position in Bank of America by 150.3% in the first quarter. Loomis Sayles & Co. L P now owns 1,985 shares of the financial services provider’s stock valued at $82,000 after purchasing an additional 1,192 shares during the period. NewEdge Advisors LLC lifted its position in Bank of America by 4.2% in the first quarter. NewEdge Advisors LLC now owns 405,098 shares of the financial services provider’s stock valued at $16,698,000 after purchasing an additional 16,319 shares during the period. First Western Trust Bank acquired a new stake in Bank of America in the first quarter valued at about $586,000. Finally, Pearl River Capital LLC acquired a new stake in Bank of America in the first quarter valued at about $534,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on BAC shares. Keefe, Bruyette & Woods raised their price objective on shares of Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a research report on Friday, April 5th. Citigroup raised their price objective on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research report on Wednesday, March 20th. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. UBS Group reiterated a “neutral” rating and set a $40.00 price target (up from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Finally, Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $32.00 to $41.00 in a research report on Tuesday, January 30th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Bank of America has a consensus rating of “Hold” and a consensus price target of $38.53.

Bank of America Price Performance

Shares of BAC traded up $1.20 during mid-day trading on Friday, reaching $36.97. 56,273,683 shares of the company’s stock were exchanged, compared to its average volume of 39,086,852. The company has a quick ratio of 0.80, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a 50-day simple moving average of $35.68 and a two-hundred day simple moving average of $32.31. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $38.35. The company has a market cap of $291.72 billion, a price-to-earnings ratio of 12.79, a PEG ratio of 1.61 and a beta of 1.39.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The business had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company’s revenue was down 1.7% on a year-over-year basis. During the same period last year, the company posted $0.94 EPS. On average, sell-side analysts predict that Bank of America Co. will post 3.17 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were paid a $0.24 dividend. The ex-dividend date was Thursday, February 29th. This represents a $0.96 annualized dividend and a yield of 2.60%. Bank of America’s payout ratio is currently 33.22%.

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