Dowling & Yahnke LLC Sells 17,736 Shares of Bank of America Corp (NYSE:BAC)

Dowling & Yahnke LLC lessened its position in Bank of America Corp (NYSE:BAC) by 6.0% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 279,745 shares of the financial services provider’s stock after selling 17,736 shares during the period. Dowling & Yahnke LLC’s holdings in Bank of America were worth $5,939,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of BAC. Ontario Teachers Pension Plan Board bought a new position in shares of Bank of America in the fourth quarter worth approximately $1,703,000. Goelzer Investment Management Inc. bought a new position in shares of Bank of America in the fourth quarter worth approximately $213,000. Banco Santander S.A. lifted its stake in shares of Bank of America by 34.8% in the fourth quarter. Banco Santander S.A. now owns 228,364 shares of the financial services provider’s stock worth $8,043,000 after buying an additional 58,949 shares in the last quarter. FIL Ltd lifted its stake in shares of Bank of America by 21.3% in the fourth quarter. FIL Ltd now owns 3,021,120 shares of the financial services provider’s stock worth $106,404,000 after buying an additional 530,678 shares in the last quarter. Finally, Eagle Asset Management Inc. lifted its stake in shares of Bank of America by 21.5% in the fourth quarter. Eagle Asset Management Inc. now owns 246,733 shares of the financial services provider’s stock worth $8,689,000 after buying an additional 43,717 shares in the last quarter. Hedge funds and other institutional investors own 69.26% of the company’s stock.

Shares of NYSE:BAC traded up $0.21 during midday trading on Friday, reaching $25.25. 116,792,827 shares of the company were exchanged, compared to its average volume of 83,701,808. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 1.06. The business’s fifty day moving average is $24.11 and its two-hundred day moving average is $28.38. Bank of America Corp has a one year low of $17.95 and a one year high of $35.72. The stock has a market cap of $219.06 billion, a PE ratio of 10.35, a price-to-earnings-growth ratio of 2.42 and a beta of 1.58.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, April 15th. The financial services provider reported $0.40 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.60 by ($0.20). Bank of America had a return on equity of 10.64% and a net margin of 21.64%. The company had revenue of $22.77 billion for the quarter, compared to the consensus estimate of $22.58 billion. During the same quarter in the prior year, the company posted $0.70 EPS. Bank of America’s revenue was down 1.0% compared to the same quarter last year. As a group, sell-side analysts expect that Bank of America Corp will post 1.48 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be given a dividend of $0.18 per share. The ex-dividend date is Thursday, June 4th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.85%. Bank of America’s dividend payout ratio is 24.49%.

Several research firms have recently weighed in on BAC. Societe Generale raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Tuesday, April 14th. Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and set a $34.00 price objective for the company in a report on Tuesday, March 17th. Morgan Stanley decreased their price objective on shares of Bank of America from $30.00 to $23.00 and set an “overweight” rating for the company in a report on Friday, March 27th. DA Davidson boosted their price objective on shares of Bank of America from $24.00 to $26.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Finally, Credit Suisse Group reissued a “buy” rating and set a $31.00 price objective on shares of Bank of America in a report on Friday, April 17th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $29.56.

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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