Mosaic Financial Group LLC Lowers Stock Holdings in Bank of America Co. (NYSE:BAC)

Mosaic Financial Group LLC cut its holdings in Bank of America Co. (NYSE:BAC) by 2.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 35,609 shares of the financial services provider’s stock after selling 964 shares during the quarter. Bank of America accounts for 1.1% of Mosaic Financial Group LLC’s investment portfolio, making the stock its 21st largest position. Mosaic Financial Group LLC’s holdings in Bank of America were worth $1,565,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in BAC. HighPoint Advisor Group LLC lifted its holdings in Bank of America by 4.8% during the fourth quarter. HighPoint Advisor Group LLC now owns 159,043 shares of the financial services provider’s stock valued at $7,300,000 after purchasing an additional 7,315 shares in the last quarter. Family Legacy Inc. lifted its stake in Bank of America by 0.7% in the 4th quarter. Family Legacy Inc. now owns 59,238 shares of the financial services provider’s stock valued at $2,737,000 after buying an additional 401 shares in the last quarter. Seven Mile Advisory boosted its holdings in Bank of America by 16.6% in the 4th quarter. Seven Mile Advisory now owns 14,811 shares of the financial services provider’s stock worth $651,000 after buying an additional 2,104 shares during the last quarter. Summit Financial LLC increased its stake in Bank of America by 86.9% during the 4th quarter. Summit Financial LLC now owns 80,126 shares of the financial services provider’s stock worth $3,522,000 after buying an additional 37,263 shares in the last quarter. Finally, Hoey Investments Inc. raised its holdings in shares of Bank of America by 4.2% during the fourth quarter. Hoey Investments Inc. now owns 159,903 shares of the financial services provider’s stock valued at $7,028,000 after acquiring an additional 6,427 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

BAC has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods lifted their price target on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Evercore ISI dropped their target price 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. Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. Barclays boosted their price target on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Finally, HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have assigned a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.45.

Bank of America Stock Up 1.3 %

Bank of America stock opened at $41.80 on Tuesday. 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 firm has a 50 day moving average price of $44.35 and a 200 day moving average price of $43.95. Bank of America Co. has a fifty-two week low of $34.15 and a fifty-two week high of $48.08. The company has a market capitalization of $317.80 billion, a PE ratio of 12.98, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32.

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, beating the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.70 EPS. Research analysts expect that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.49%. The ex-dividend date of this dividend was Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is currently 32.30%.

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.