Schrum Private Wealth Management LLC Has $534,000 Holdings in Bank of America Co. (NYSE:BAC)

Schrum Private Wealth Management LLC lowered its stake in Bank of America Co. (NYSE:BAC) by 48.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,146 shares of the financial services provider’s stock after selling 11,622 shares during the period. Schrum Private Wealth Management LLC’s holdings in Bank of America were worth $534,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Swedbank AB grew its stake in Bank of America by 0.7% in the third quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock valued at $279,441,000 after acquiring an additional 50,849 shares during the period. Van ECK Associates Corp grew its position in shares of Bank of America by 120.2% in the third quarter. Van ECK Associates Corp now owns 19,231 shares of the financial services provider’s stock valued at $814,000 after purchasing an additional 10,497 shares in the last quarter. Catalyst Capital Advisors LLC purchased a new stake in Bank of America in the 3rd quarter worth approximately $1,047,000. United Advisor Group LLC lifted its position in Bank of America by 95.8% during the third quarter. United Advisor Group LLC now owns 19,681 shares of the financial services provider’s stock valued at $781,000 after purchasing an additional 9,631 shares during the last quarter. Finally, HF Advisory Group LLC boosted its stake in shares of Bank of America by 6.2% in the 3rd quarter. HF Advisory Group LLC now owns 18,340 shares of the financial services provider’s stock valued at $728,000 after purchasing an additional 1,066 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on BAC shares. Barclays lifted their price target 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. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Evercore ISI lowered their price target on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Friday, January 17th. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. Finally, Oppenheimer increased their price objective on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. One research 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Price Performance

Bank of America stock opened at $42.27 on Thursday. Bank of America Co. has a 1 year low of $34.15 and a 1 year high of $48.08. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The company’s fifty day moving average price is $45.73 and its 200 day moving average price is $43.69. The stock has a market capitalization of $321.46 billion, a P/E ratio of 13.13, a P/E/G ratio of 1.21 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the prior year, the company posted $0.70 EPS. The business’s revenue for the quarter was up 15.0% on a year-over-year basis. As a group, equities research analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s dividend payout ratio is currently 32.30%.

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.