Bank of America Co. (NYSE:BAC) Holdings Decreased by Certuity LLC

Certuity LLC reduced its stake in shares of Bank of America Co. (NYSE:BAC) by 0.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 520,167 shares of the financial services provider’s stock after selling 3,642 shares during the quarter. Bank of America comprises approximately 1.8% of Certuity LLC’s holdings, making the stock its 14th largest position. Certuity LLC’s holdings in Bank of America were worth $17,514,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in BAC. Barclays PLC grew its stake in Bank of America by 97.3% during 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 last quarter. Alphinity Investment Management Pty Ltd increased its holdings in shares of 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 buying an additional 12,880,492 shares in the last quarter. Darsana Capital Partners LP purchased a new stake in shares of Bank of America during the third quarter valued at $177,970,000. Canada Pension Plan Investment Board lifted its holdings in shares of Bank of America by 143.5% during the third 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 purchasing an additional 6,281,690 shares during the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC purchased a new stake in shares of Bank of America during the third quarter valued at $168,610,000. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Down 0.9 %

Shares of BAC traded down $0.33 during midday trading on Tuesday, reaching $37.22. 15,854,309 shares of the stock were exchanged, compared to its average volume of 40,930,852. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $38.49. The firm has a 50 day simple moving average of $36.20 and a 200-day simple moving average of $32.88. 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 company has a market cap of $293.69 billion, a price-to-earnings ratio of 12.90, a P/E/G ratio of 1.69 and a beta of 1.39.

Bank of America (NYSE:BAC) last issued its quarterly earnings data 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 business 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 firm’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.94 EPS. Research analysts forecast that Bank of America Co. will post 3.19 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is currently 33.22%.

Wall Street Analysts Forecast Growth

BAC has been the subject of several analyst reports. Morgan Stanley raised Bank of America from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $32.00 to $41.00 in a report on Tuesday, January 30th. Evercore ISI upped their target price on Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a report on Thursday, April 4th. Barclays upped their target price on Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. Finally, HSBC reissued a “hold” rating and issued a $39.00 price objective (up from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $38.59.

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.