Bank of America Co. (NYSE:BAC) Shares Sold by Parkside Financial Bank & Trust

Parkside Financial Bank & Trust lowered its holdings in Bank of America Co. (NYSE:BAC) by 5.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 46,702 shares of the financial services provider’s stock after selling 2,567 shares during the period. Parkside Financial Bank & Trust’s holdings in Bank of America were worth $1,572,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Barclays PLC increased its position 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 buying an additional 20,362,295 shares during the period. Alphinity Investment Management Pty Ltd boosted its stake in Bank of America by 1,071.8% in the fourth quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock valued at $474,150,000 after acquiring an additional 12,880,492 shares during the last quarter. Darsana Capital Partners LP acquired a new position in shares of Bank of America in the 3rd quarter valued at $177,970,000. Canada Pension Plan Investment Board lifted its position in Bank of America by 143.5% in the 3rd quarter. Canada Pension Plan Investment Board now owns 10,659,309 shares of the financial services provider’s stock valued at $291,852,000 after acquiring an additional 6,281,690 shares in the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC acquired a new position in Bank of America in the 3rd quarter worth $168,610,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Up 0.3 %

NYSE:BAC traded up $0.10 during mid-day trading on Wednesday, hitting $38.47. 5,888,577 shares of the stock traded hands, compared to its average volume of 41,308,422. The stock has a market capitalization of $303.55 billion, a price-to-earnings ratio of 13.18, a PEG ratio of 1.70 and a beta of 1.39. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $38.50. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm’s 50 day moving average is $35.88 and its two-hundred day moving average is $32.57.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping 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 net margin of 13.94% and a return on equity of 10.88%. The business’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.94 earnings per share. On average, equities research analysts predict that Bank of America Co. will post 3.17 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were paid a $0.24 dividend. The ex-dividend date was Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a yield of 2.50%. Bank of America’s payout ratio is presently 33.22%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Odeon Capital Group cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price for the company. in a report on Tuesday, January 16th. Keefe, Bruyette & Woods boosted their price target on shares of Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a research note on Friday, April 5th. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. Jefferies Financial Group raised their price target on Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research report on Monday, April 8th. Finally, Evercore ISI raised their price target on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research note on Thursday, April 4th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $38.53.

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.