Shorepath Capital Management LLC Has $11.99 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Shorepath Capital Management LLC trimmed its stake in Bank of America Co. (NYSE:BAC) by 3.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 272,839 shares of the financial services provider’s stock after selling 10,480 shares during the quarter. Bank of America makes up 8.6% of Shorepath Capital Management LLC’s holdings, making the stock its biggest position. Shorepath Capital Management LLC’s holdings in Bank of America were worth $11,991,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Cullen Investment Group LTD. increased its position in shares of Bank of America by 0.7% in the fourth quarter. Cullen Investment Group LTD. now owns 39,243 shares of the financial services provider’s stock worth $1,725,000 after purchasing an additional 280 shares during the last quarter. Wright Investors Service Inc. raised its stake in shares of Bank of America by 0.7% during the fourth quarter. Wright Investors Service Inc. now owns 86,417 shares of the financial services provider’s stock valued at $3,798,000 after acquiring an additional 564 shares during the last quarter. Marcum Wealth LLC boosted its stake in shares of Bank of America by 3.6% during the 4th quarter. Marcum Wealth LLC now owns 38,279 shares of the financial services provider’s stock valued at $1,682,000 after purchasing an additional 1,333 shares in the last quarter. Traveka Wealth LLC boosted its position in Bank of America by 2.7% during the 4th quarter. Traveka Wealth LLC now owns 8,685 shares of the financial services provider’s stock valued at $382,000 after acquiring an additional 226 shares in the last quarter. Finally, FNY Investment Advisers LLC grew its holdings in shares of Bank of America by 1,785.0% during the 4th quarter. FNY Investment Advisers LLC now owns 7,540 shares of the financial services provider’s stock worth $331,000 after acquiring an additional 7,140 shares during the period. 70.71% of the stock is owned by institutional investors.

Bank of America Trading Down 0.0 %

Shares of Bank of America stock opened at $45.09 on Tuesday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm has a market cap of $345.97 billion, a price-to-earnings ratio of 16.40, a PEG ratio of 1.55 and a beta of 1.33. Bank of America Co. has a twelve month low of $31.27 and a twelve month high of $48.08. The business has a 50-day moving average price of $45.61 and a 200-day moving average price of $42.27.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. During the same quarter in the previous year, the company posted $0.90 EPS. The company’s revenue for the quarter was up .4% compared to the same quarter last year. Equities research analysts anticipate that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced 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. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date of this dividend was Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Evercore ISI raised their price objective on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a research report on Friday, October 18th. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a report on Tuesday, January 7th. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. One analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $47.50.

About Bank of America

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.