Summit Trail Advisors LLC Sells 13,083 Shares of Bank of America Co. (NYSE:BAC)

Summit Trail Advisors LLC cut its position in shares of Bank of America Co. (NYSE:BAC) by 17.8% during the fourth quarter, HoldingsChannel.com reports. The firm owned 60,312 shares of the financial services provider’s stock after selling 13,083 shares during the period. Summit Trail Advisors LLC’s holdings in Bank of America were worth $2,031,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the company. Brighton Jones LLC grew its position in Bank of America by 3.3% in the third quarter. Brighton Jones LLC now owns 81,165 shares of the financial services provider’s stock valued at $2,222,000 after acquiring an additional 2,577 shares during the period. Baystate Wealth Management LLC grew its stake in Bank of America by 28.1% during the third quarter. Baystate Wealth Management LLC now owns 21,135 shares of the financial services provider’s stock worth $579,000 after buying an additional 4,634 shares during the last quarter. Cambridge Trust Co. raised its stake in shares of Bank of America by 0.4% in the third quarter. Cambridge Trust Co. now owns 674,238 shares of the financial services provider’s stock valued at $18,461,000 after acquiring an additional 2,487 shares during the last quarter. IFM Investors Pty Ltd boosted its holdings in shares of Bank of America by 3.0% in the 3rd quarter. IFM Investors Pty Ltd now owns 1,453,255 shares of the financial services provider’s stock worth $39,790,000 after acquiring an additional 41,840 shares in the last quarter. Finally, Waldron Private Wealth LLC grew its position in Bank of America by 5.9% during the 3rd quarter. Waldron Private Wealth LLC now owns 48,715 shares of the financial services provider’s stock worth $1,333,000 after acquiring an additional 2,716 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. BMO Capital Markets boosted their price objective on Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research note on Thursday, April 18th. Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $32.00 to $41.00 in a research report on Tuesday, January 30th. UBS Group restated a “neutral” rating and issued a $40.00 price objective (up previously from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. JPMorgan Chase & Co. upped their target price on shares of Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a research report on Wednesday, May 1st. Finally, Citigroup raised their price target on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a report on Wednesday, March 20th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $38.70.

Bank of America Trading Up 1.2 %

NYSE:BAC traded up $0.44 during trading hours on Monday, hitting $37.69. The stock had a trading volume of 28,403,702 shares, compared to its average volume of 40,729,758. The business’s 50 day moving average is $36.46 and its 200-day moving average is $33.16. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The company has a market cap of $294.75 billion, a price-to-earnings ratio of 13.04, a P/E/G ratio of 1.66 and a beta of 1.37. Bank of America Co. has a one year low of $24.96 and a one year high of $38.49.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. During the same quarter in the prior year, the company earned $0.94 earnings per share. The business’s quarterly revenue was down 1.7% compared to the same quarter last year. Sell-side analysts anticipate that Bank of America Co. will post 3.21 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio is presently 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.