Bank of America Co. (NYSE:BAC) Shares Sold by Davis R M Inc.

Davis R M Inc. lessened its holdings in shares of Bank of America Co. (NYSE:BAC) by 6.3% in the fourth quarter, Holdings Channel reports. The firm owned 452,600 shares of the financial services provider’s stock after selling 30,392 shares during the period. Davis R M Inc.’s holdings in Bank of America were worth $15,239,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of BAC. Fortis Group Advisors LLC purchased a new position in Bank of America in the 3rd quarter worth approximately $25,000. Glass Jacobson Investment Advisors llc boosted its holdings in Bank of America by 98.1% in the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 504 shares during the period. Criterion Capital Advisors LLC purchased a new position in Bank of America in the 4th quarter worth approximately $32,000. ZRC Wealth Management LLC boosted its holdings in Bank of America by 192.3% in the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 750 shares during the period. Finally, Private Ocean LLC boosted its holdings in Bank of America by 34.0% in the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 325 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on BAC. Wells Fargo & Company increased their target price on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. HSBC reiterated a “hold” rating and set a $39.00 target price (up from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Evercore ISI increased their target price on Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research note on Thursday, April 4th. BMO Capital Markets increased their target price on Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research note on Thursday, April 18th. Finally, Morgan Stanley raised Bank of America from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $32.00 to $41.00 in a research report on Tuesday, January 30th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the company. According to MarketBeat, Bank of America currently has a consensus rating of “Hold” and a consensus price target of $38.70.

Bank of America Stock Performance

NYSE BAC traded up $0.83 during trading hours on Tuesday, hitting $39.65. The company had a trading volume of 31,539,455 shares, compared to its average volume of 39,422,375. The firm has a market cap of $310.08 billion, a P/E ratio of 13.58, a price-to-earnings-growth ratio of 1.74 and a beta of 1.37. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $39.73. The business has a fifty day simple moving average of $37.24 and a 200-day simple moving average of $34.11.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The company had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period last year, the company earned $0.94 earnings per share. Equities analysts predict that Bank of America Co. will post 3.23 EPS for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is 33.22%.

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.