Johnson Financial Group Inc. lessened its stake in Bank of America Co. (NYSE:BAC - Free Report) by 73.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,614 shares of the financial services provider's stock after selling 28,994 shares during the quarter. Johnson Financial Group Inc.'s holdings in Bank of America were worth $491,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Capital Analysts LLC grew its position in shares of Bank of America by 2.7% in the 4th quarter. Capital Analysts LLC now owns 109,080 shares of the financial services provider's stock valued at $4,794,000 after acquiring an additional 2,874 shares during the period. UP Strategic Wealth Investment Advisors LLC bought a new position in Bank of America during the fourth quarter worth about $214,000. Hayek Kallen Investment Management increased its position in Bank of America by 2.0% during the fourth quarter. Hayek Kallen Investment Management now owns 12,022 shares of the financial services provider's stock worth $528,000 after buying an additional 233 shares during the last quarter. Voya Financial Advisors Inc. raised its stake in Bank of America by 0.9% in the fourth quarter. Voya Financial Advisors Inc. now owns 28,423 shares of the financial services provider's stock valued at $1,248,000 after buying an additional 263 shares during the period. Finally, Hancock Whitney Corp lifted its position in shares of Bank of America by 0.3% in the fourth quarter. Hancock Whitney Corp now owns 89,203 shares of the financial services provider's stock valued at $3,920,000 after buying an additional 260 shares during the last quarter. 70.71% of the stock is owned by institutional investors.
Analyst Ratings Changes
A number of research firms recently weighed in on BAC. Evercore ISI decreased their target price on Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a report on Tuesday, April 1st. Baird R W upgraded shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 7th. JPMorgan Chase & Co. decreased their price target on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a research note on Thursday, April 3rd. Royal Bank of Canada reduced their price objective on Bank of America from $50.00 to $45.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Finally, Argus lowered their target price on Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $47.25.
Read Our Latest Research Report on BAC
Bank of America Trading Up 0.6 %
Shares of Bank of America stock traded up $0.22 on Tuesday, hitting $40.00. The stock had a trading volume of 33,781,321 shares, compared to its average volume of 39,181,830. The stock has a 50 day moving average of $40.36 and a 200 day moving average of $43.59. The firm has a market capitalization of $304.11 billion, a P/E ratio of 12.42, a PEG ratio of 1.21 and a beta of 1.24. Bank of America Co. has a twelve month low of $33.07 and a twelve month 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.
Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results 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 company had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Sell-side analysts expect that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.
Bank of America Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.60%. The ex-dividend date is Friday, June 6th. Bank of America's payout ratio is presently 30.95%.
Bank of America Company Profile
(
Free Report)
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.
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