Brookstone Capital Management Sells 39,275 Shares of Bank of America Co. (NYSE:BAC)

Brookstone Capital Management trimmed its position in shares of Bank of America Co. (NYSE:BAC) by 20.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 157,172 shares of the financial services provider’s stock after selling 39,275 shares during the quarter. Brookstone Capital Management’s holdings in Bank of America were worth $6,908,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Trust Co. of Toledo NA OH grew its stake in Bank of America by 6.6% in the fourth quarter. Trust Co. of Toledo NA OH now owns 14,160 shares of the financial services provider’s stock worth $622,000 after purchasing an additional 872 shares during the period. Fiduciary Alliance LLC boosted its holdings in shares of Bank of America by 127.2% during the 4th quarter. Fiduciary Alliance LLC now owns 56,014 shares of the financial services provider’s stock valued at $2,462,000 after buying an additional 31,356 shares in the last quarter. Winthrop Advisory Group LLC grew its position in shares of Bank of America by 5.2% in the 4th quarter. Winthrop Advisory Group LLC now owns 32,864 shares of the financial services provider’s stock worth $1,444,000 after buying an additional 1,612 shares during the period. EWG Elevate Inc. bought a new position in shares of Bank of America in the 4th quarter worth about $207,000. Finally, Aprio Wealth Management LLC lifted its position in Bank of America by 6.1% during the 4th quarter. Aprio Wealth Management LLC now owns 30,563 shares of the financial services provider’s stock valued at $1,343,000 after acquiring an additional 1,752 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on BAC shares. Morgan Stanley downgraded shares of Bank of America from an “overweight” rating to an “equal weight” rating and raised their target price for the company from $48.00 to $55.00 in a research note on Monday, December 9th. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Wells Fargo & Company increased their target price on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Keefe, Bruyette & Woods upped their price target on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Finally, Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and an average target price of $47.50.

Bank of America Stock Down 0.0 %

Shares of BAC stock opened at $45.09 on Tuesday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 12 month low of $31.27 and a 12 month high of $48.08. The stock has a market cap of $345.97 billion, a P/E ratio of 16.40, a P/E/G ratio of 1.55 and a beta of 1.33. The company has a 50 day simple moving average of $45.61 and a two-hundred day simple moving average of $42.27.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.78 by $0.03. The firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. Bank of America’s revenue was up .4% on a year-over-year basis. During the same period in the prior year, the business posted $0.90 EPS. On average, research analysts expect that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 6th were given a dividend of $0.26 per share. The ex-dividend date was Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.31%. Bank of America’s payout ratio is currently 37.82%.

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