Knightsbridge Asset Management LLC Lowers Position in Bank of America Co. (NYSE:BAC)

Knightsbridge Asset Management LLC lowered its position in shares of Bank of America Co. (NYSE:BAC) by 2.6% during the 4th quarter, Holdings Channel.com reports. The firm owned 111,458 shares of the financial services provider’s stock after selling 2,990 shares during the period. Knightsbridge Asset Management LLC’s holdings in Bank of America were worth $4,899,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of BAC. Lederer & Associates Investment Counsel CA increased its stake in Bank of America by 1.1% during the fourth quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock worth $879,000 after acquiring an additional 217 shares during the last quarter. Avalon Trust Co grew its position in shares of Bank of America by 14.6% in the 4th quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider’s stock worth $76,000 after buying an additional 219 shares during the last quarter. Prossimo Advisors LLC grew its stake in Bank of America by 2.5% during the 4th quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock worth $390,000 after buying an additional 220 shares during the last quarter. Marino Stram & Associates LLC boosted its position in Bank of America by 1.7% in the fourth quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock valued at $580,000 after buying an additional 222 shares during the last quarter. Finally, Keudell Morrison Wealth Management boosted its stake in shares of Bank of America by 2.8% during the 4th quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock worth $364,000 after acquiring an additional 223 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

BAC has been the topic of several recent analyst reports. Evercore ISI decreased their price objective on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a report on Tuesday, April 1st. Cfra Research upped their price target on Bank of America to $47.00 and gave the stock a “buy” rating in a report on Wednesday, April 16th. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a report on Tuesday, January 7th. UBS Group increased their price target on Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, April 16th. Finally, Royal Bank of Canada cut their price objective on Bank of America from $50.00 to $45.00 and set an “outperform” rating for the company in a report on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and four have given a strong buy rating to the company. According to MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.43.

Bank of America Stock Up 2.2 %

NYSE:BAC opened at $39.59 on Friday. Bank of America Co. has a 52 week low of $33.07 and a 52 week high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $300.99 billion, a PE ratio of 12.30, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24. The stock has a 50 day moving average of $40.62 and a 200-day moving average of $43.55.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Analysts predict that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.63%. Bank of America’s dividend payout ratio (DPR) is currently 30.95%.

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.