Bank of America Co. (NYSE:BAC) Stock Holdings Lowered by Fayez Sarofim & Co

Fayez Sarofim & Co lowered its stake in shares of Bank of America Co. (NYSE:BAC - Free Report) by 7.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 81,197 shares of the financial services provider's stock after selling 6,795 shares during the quarter. Fayez Sarofim & Co's holdings in Bank of America were worth $3,569,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Graney & King LLC acquired a new position in shares of Bank of America in the 4th quarter valued at $25,000. Collier Financial purchased a new position in shares of Bank of America in the 4th quarter worth $25,000. Fairway Wealth LLC acquired a new position in Bank of America in the fourth quarter valued at $29,000. Glass Jacobson Investment Advisors llc grew its position in Bank of America by 53.0% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider's stock valued at $35,000 after acquiring an additional 276 shares during the period. Finally, Highline Wealth Partners LLC raised its holdings in shares of Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider's stock worth $37,000 after purchasing an additional 510 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Performance

NYSE:BAC traded up $0.09 during trading hours on Friday, reaching $39.67. 32,686,571 shares of the stock were exchanged, compared to its average volume of 45,811,242. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $301.60 billion, a P/E ratio of 12.32, a P/E/G ratio of 1.21 and a beta of 1.24. Bank of America Co. has a 52 week low of $33.06 and a 52 week high of $48.08. The firm has a 50 day simple moving average of $40.62 and a 200-day simple moving average of $43.55.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. The firm had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. As a group, sell-side analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th 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 2.62%. The ex-dividend date is Friday, June 6th. Bank of America's dividend payout ratio is presently 30.95%.

Analyst Ratings Changes

BAC has been the subject of a number of research analyst reports. Citigroup dropped their target price on shares of Bank of America from $54.00 to $50.00 and set a "buy" rating for the company in a research report on Monday, March 24th. Argus reduced their target price on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Keefe, Bruyette & Woods lowered their price target on Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Barclays dropped their target price on Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Finally, HSBC upgraded Bank of America from a "hold" rating to a "buy" rating and set a $50.00 price target for the company in a report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and four have assigned a strong buy rating to the company's stock. According to MarketBeat.com, Bank of America currently has an average rating of "Moderate Buy" and a consensus price target of $47.43.

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.