Signature Wealth Management Partners LLC Sells 518 Shares of Bank of America Co. (NYSE:BAC)

Signature Wealth Management Partners LLC trimmed its position in Bank of America Co. (NYSE:BAC) by 8.9% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 5,317 shares of the financial services provider’s stock after selling 518 shares during the period. Signature Wealth Management Partners LLC’s holdings in Bank of America were worth $234,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Orca Wealth Management LLC purchased a new position in shares of Bank of America in the 4th quarter worth about $1,537,000. BSW Wealth Partners bought a new stake in Bank of America in the fourth quarter worth about $251,000. Bensler LLC purchased a new position in Bank of America in the fourth quarter valued at about $241,000. Patriot Financial Group Insurance Agency LLC grew its position in shares of Bank of America by 1.5% during the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 55,802 shares of the financial services provider’s stock valued at $2,452,000 after acquiring an additional 819 shares during the period. Finally, VCI Wealth Management LLC increased its stake in shares of Bank of America by 22.2% during the 4th quarter. VCI Wealth Management LLC now owns 38,019 shares of the financial services provider’s stock worth $1,671,000 after purchasing an additional 6,918 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 0.4 %

Shares of BAC opened at $46.88 on Wednesday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. Bank of America Co. has a 1-year low of $32.35 and a 1-year high of $48.08. The company has a market capitalization of $359.70 billion, a P/E ratio of 14.56, a P/E/G ratio of 1.24 and a beta of 1.33. The firm’s 50 day simple moving average is $45.82 and its 200 day simple moving average is $42.67.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. During the same period in the previous year, the firm posted $0.70 EPS. The firm’s revenue was up 15.0% compared to the same quarter last year. Sell-side analysts forecast that Bank of America Co. will post 3.67 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on BAC. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a report on Friday, October 18th. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Barclays upped their price objective on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a research note on Wednesday, October 9th. Finally, Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $46.00 to $54.00 in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, six have assigned 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.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $48.58.

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.