Kerrisdale Advisers LLC Sells 45,370 Shares of Bank of America Co. (NYSE:BAC)

Kerrisdale Advisers LLC lowered its stake in shares of Bank of America Co. (NYSE:BAC) by 53.3% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 39,759 shares of the financial services provider's stock after selling 45,370 shares during the quarter. Kerrisdale Advisers LLC's holdings in Bank of America were worth $1,747,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Bank of America by 4.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider's stock valued at $173,168,000 after acquiring an additional 173,021 shares during the last quarter. OFI Invest Asset Management purchased a new stake in shares of Bank of America during the fourth quarter valued at $60,679,000. Arizona State Retirement System grew its holdings in shares of Bank of America by 0.5% in the fourth quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider's stock worth $89,150,000 after purchasing an additional 10,377 shares during the last quarter. Keybank National Association OH increased its stake in Bank of America by 1.1% in the 4th quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider's stock worth $152,006,000 after buying an additional 38,258 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Bank of America by 0.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider's stock valued at $1,886,769,000 after buying an additional 297,858 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Bank of America Stock Performance

Shares of BAC opened at $38.81 on Thursday. Bank of America Co. has a 12 month low of $33.07 and a 12 month high of $48.08. The stock has a fifty day moving average price of $40.77 and a 200-day moving average price of $43.56. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm has a market cap of $295.06 billion, a PE ratio of 12.05, a P/E/G ratio of 1.21 and a beta of 1.24.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating analysts' consensus estimates of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $27.37 billion during the quarter, compared to analysts' expectations of $26.83 billion. Equities research analysts predict 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. Shareholders of record on Friday, June 6th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.68%. Bank of America's dividend payout ratio is presently 30.95%.

Wall Street Analyst Weigh In

BAC has been the topic of a number of research analyst reports. UBS Group upped their target price on shares of Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a research note on Wednesday, April 16th. Hsbc Global Res raised Bank of America from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, January 7th. Barclays reduced their price objective 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. Baird R W upgraded Bank of America from a "hold" rating to a "strong-buy" rating in a report on Friday, March 7th. Finally, Robert W. Baird upgraded Bank of America from a "neutral" rating to an "outperform" rating and raised their price target for the company from $45.00 to $50.00 in a research note on Friday, March 7th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and four have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Bank of America presently has an average rating of "Moderate Buy" and an average 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.

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