Migdal Insurance & Financial Holdings Ltd. Sells 489,546 Shares of Bank of America Co. (NYSE:BAC)

Migdal Insurance & Financial Holdings Ltd. decreased its position in shares of Bank of America Co. (NYSE:BAC) by 32.7% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,007,804 shares of the financial services provider’s stock after selling 489,546 shares during the quarter. Migdal Insurance & Financial Holdings Ltd.’s holdings in Bank of America were worth $33,933,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Moneta Group Investment Advisors LLC lifted its stake in Bank of America by 108,111.3% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 193,168,025 shares of the financial services provider’s stock worth $6,397,725,000 after purchasing an additional 192,989,515 shares in the last quarter. Norges Bank purchased a new stake in Bank of America in the 4th quarter worth $3,436,543,000. Barclays PLC lifted its stake in Bank of America by 97.3% in the 3rd quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock worth $1,130,538,000 after purchasing an additional 20,362,295 shares in the last quarter. Snider Financial Group lifted its stake in Bank of America by 9,477.3% in the 1st quarter. Snider Financial Group now owns 14,448,357 shares of the financial services provider’s stock worth $5,956,000 after purchasing an additional 14,297,496 shares in the last quarter. Finally, Alphinity Investment Management Pty Ltd lifted its stake in Bank of America by 1,071.8% in the 4th quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock worth $474,150,000 after purchasing an additional 12,880,492 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on BAC. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. UBS Group reiterated a “neutral” rating and set a $40.00 price target (up from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Keefe, Bruyette & Woods upped their price target on shares of Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a report on Friday, April 5th. BMO Capital Markets cut their price target on shares of Bank of America from $37.00 to $36.00 and set a “market perform” rating on the stock in a report on Tuesday, January 16th. Finally, Citigroup raised their price target on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday, March 20th. One analyst has rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $38.29.

Bank of America Price Performance

BAC traded up $0.90 on Wednesday, reaching $35.58. 36,157,514 shares of the company’s stock were exchanged, compared to its average volume of 41,123,273. The stock has a market cap of $280.75 billion, a PE ratio of 11.30, a P/E/G ratio of 1.64 and a beta of 1.39. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $38.35. The stock’s fifty day moving average price is $35.51 and its 200-day moving average price is $32.19. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were given a dividend of $0.24 per share. The ex-dividend date was Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a yield of 2.70%. Bank of America’s payout ratio is presently 31.27%.

Bank of America Profile

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.