Princeton Alpha Management LP cut its stake in shares of Bank of America Corporation (NYSE:BAC) by 78.3% during the first quarter, Holdings Channel reports. The firm owned 39,754 shares of the financial services provider’s stock after selling 143,302 shares during the period. Princeton Alpha Management LP’s holdings in Bank of America Corporation were worth $938,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in BAC. Dodge & Cox bought a new position in shares of Bank of America Corporation during the fourth quarter valued at $4,159,570,000. Norges Bank bought a new position in shares of Bank of America Corporation during the fourth quarter valued at $2,256,221,000. Lone Pine Capital LLC bought a new position in shares of Bank of America Corporation during the fourth quarter valued at $478,937,000. UBS Asset Management Americas Inc. boosted its position in shares of Bank of America Corporation by 25.5% in the fourth quarter. UBS Asset Management Americas Inc. now owns 42,249,666 shares of the financial services provider’s stock valued at $933,718,000 after buying an additional 8,595,423 shares in the last quarter. Finally, Public Sector Pension Investment Board boosted its position in shares of Bank of America Corporation by 313.4% in the fourth quarter. Public Sector Pension Investment Board now owns 9,459,219 shares of the financial services provider’s stock valued at $209,049,000 after buying an additional 7,170,800 shares in the last quarter. Institutional investors and hedge funds own 65.89% of the company’s stock.

Shares of Bank of America Corporation (NYSE:BAC) opened at 24.21 on Monday. The stock has a 50 day moving average price of $23.26 and a 200-day moving average price of $23.42. The company has a market capitalization of $254.60 billion, a PE ratio of 14.90 and a beta of 1.27. Bank of America Corporation has a 12 month low of $13.52 and a 12 month high of $25.80.

The company also recently announced a quarterly dividend, which was paid on Friday, June 30th. Shareholders of record on Friday, June 2nd were paid a $0.075 dividend. The ex-dividend date of this dividend was Wednesday, May 31st. This represents a $0.30 annualized dividend and a yield of 1.24%. Bank of America Corporation’s dividend payout ratio (DPR) is 18.99%.

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Several equities analysts have weighed in on BAC shares. CIBC reaffirmed an “outperform” rating on shares of Bank of America Corporation in a report on Tuesday, July 11th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating on shares of Bank of America Corporation in a report on Tuesday, July 4th. Vetr cut Bank of America Corporation from a “buy” rating to a “hold” rating and set a $24.19 price objective for the company. in a report on Wednesday, June 28th. Deutsche Bank AG reaffirmed a “hold” rating on shares of Bank of America Corporation in a report on Monday, July 3rd. Finally, Berenberg Bank cut Bank of America Corporation from a “buy” rating to a “hold” rating and lifted their price objective for the company from $15.00 to $22.00 in a report on Monday, April 24th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $23.03.

In other news, Director Thomas D. Woods bought 25,000 shares of the stock in a transaction on Thursday, April 27th. The stock was bought at an average cost of $23.81 per share, for a total transaction of $595,250.00. Following the completion of the purchase, the director now directly owns 40,830 shares in the company, valued at $972,162.30. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.18% of the stock is owned by company insiders.

Bank of America Corporation Company Profile

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.

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

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