Massachusetts Financial Services Co. MA Lowers Stake in Bank of America (BAC)

Massachusetts Financial Services Co. MA lessened its holdings in Bank of America (NYSE:BAC) by 2.7% in the 1st quarter, HoldingsChannel.com reports. The firm owned 25,157,988 shares of the financial services provider’s stock after selling 687,670 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Bank of America were worth $754,488,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in BAC. Burt Wealth Advisors raised its stake in shares of Bank of America by 4,013.1% during the 3rd quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock worth $112,000 after acquiring an additional 4,294 shares in the last quarter. HWG Holdings LP bought a new position in shares of Bank of America during the 3rd quarter worth approximately $116,000. Avestar Capital LLC bought a new position in shares of Bank of America during the 4th quarter worth approximately $135,000. Gradient Investments LLC bought a new position in shares of Bank of America during the 4th quarter worth approximately $150,000. Finally, Taylor Hoffman Wealth Management bought a new position in shares of Bank of America during the 4th quarter worth approximately $151,000. 69.87% of the stock is owned by hedge funds and other institutional investors.

BAC has been the subject of several recent analyst reports. BMO Capital Markets boosted their price objective on shares of Bank of America to $34.00 and gave the stock an “average” rating in a research note on Thursday, January 18th. They noted that the move was a valuation call. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $35.00 price objective on shares of Bank of America in a research note on Thursday, April 5th. ValuEngine upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Vetr upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $34.16 price objective for the company in a research note on Thursday, March 1st. Finally, Vining Sparks initiated coverage on shares of Bank of America in a research note on Monday, April 16th. They set a “buy” rating and a $35.00 price objective for the company. Nine analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $32.13.

BAC stock opened at $30.81 on Friday. The firm has a market capitalization of $318.17 billion, a PE ratio of 16.84, a price-to-earnings-growth ratio of 1.52 and a beta of 1.37. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.96. Bank of America has a 12 month low of $31.02 and a 12 month high of $31.24.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Monday, April 16th. The financial services provider reported $0.62 EPS for the quarter, beating the consensus estimate of $0.59 by $0.03. The business had revenue of $23.10 billion for the quarter, compared to the consensus estimate of $23.04 billion. Bank of America had a net margin of 19.65% and a return on equity of 9.40%. The business’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.41 EPS. research analysts expect that Bank of America will post 2.55 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Stockholders of record on Friday, June 1st will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.56%. The ex-dividend date is Thursday, May 31st. Bank of America’s dividend payout ratio (DPR) is currently 26.23%.

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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