Bank of America Co. (NYSE:BAC) Shares Sold by Harbor Advisory Corp MA

Harbor Advisory Corp MA reduced its holdings in shares of Bank of America Co. (NYSE:BAC) by 17.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 23,695 shares of the financial services provider’s stock after selling 5,150 shares during the quarter. Harbor Advisory Corp MA’s holdings in Bank of America were worth $798,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Barclays PLC grew its holdings in Bank of America by 97.3% during the third quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock worth $1,130,538,000 after acquiring an additional 20,362,295 shares during the period. Alphinity Investment Management Pty Ltd lifted its holdings in shares of Bank of America by 1,071.8% during the 4th 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 buying an additional 12,880,492 shares during the last quarter. Darsana Capital Partners LP acquired a new stake in shares of Bank of America during the 3rd quarter valued at about $177,970,000. Canada Pension Plan Investment Board lifted its holdings in shares of Bank of America by 143.5% during 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 buying an additional 6,281,690 shares during the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC bought a new position in shares of Bank of America in the 3rd quarter valued at approximately $168,610,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have commented on the company. UBS Group reaffirmed a “neutral” rating and issued a $40.00 price target (up from $39.00) on shares of Bank of America in a research report 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. Oppenheimer decreased their price objective on Bank of America from $46.00 to $45.00 and set an “outperform” rating for the company in a report on Wednesday, April 17th. Keefe, Bruyette & Woods raised their price target on Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a research note on Friday, April 5th. Finally, Odeon Capital Group downgraded Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target for the company. in a research note on Tuesday, January 16th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $38.53.

Bank of America Price Performance

BAC stock traded up $0.02 during midday trading on Monday, reaching $37.85. 7,721,450 shares of the stock were exchanged, compared to its average volume of 41,027,871. The stock has a market capitalization of $298.66 billion, a PE ratio of 13.13, a P/E/G ratio of 1.69 and a beta of 1.39. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $38.49. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The company has a fifty day moving average price of $36.13 and a 200 day moving average price of $32.80.

Bank of America (NYSE:BAC) last released 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. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The firm had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. During the same quarter in the previous year, the company posted $0.94 EPS. The business’s revenue was down 1.7% on a year-over-year basis. As a group, analysts expect that Bank of America Co. will post 3.19 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.54%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

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.