Bank of America Co. (NYSE:BAC) Shares Sold by Bank OZK

Bank OZK lessened its stake in Bank of America Co. (NYSE:BAC) by 2.2% during the 4th quarter, HoldingsChannel.com reports. The fund owned 84,401 shares of the financial services provider’s stock after selling 1,860 shares during the period. Bank of America makes up 1.4% of Bank OZK’s portfolio, making the stock its 16th largest position. Bank OZK’s holdings in Bank of America were worth $2,842,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Fortis Group Advisors LLC acquired a new position in Bank of America during the 3rd quarter worth approximately $25,000. Criterion Capital Advisors LLC acquired a new position in Bank of America during the 4th quarter worth approximately $32,000. Glass Jacobson Investment Advisors llc increased its position in Bank of America by 98.1% during the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 504 shares during the period. ZRC Wealth Management LLC increased its position in Bank of America by 192.3% during the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 750 shares during the period. Finally, Private Ocean LLC increased its position in Bank of America by 34.0% during the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 325 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Odeon Capital Group lowered Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target on the stock. in a research note on Tuesday, January 16th. Wells Fargo & Company boosted their price target on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Jefferies Financial Group boosted their price target on Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research note on Monday, April 8th. Finally, HSBC reissued a “hold” rating and set a $39.00 price target (up previously 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 given a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $38.53.

Bank of America Price Performance

BAC stock traded down $0.08 on Friday, reaching $37.83. The company had a trading volume of 28,668,680 shares, compared to its average volume of 40,953,860. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $38.49. 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’s fifty day moving average is $36.13 and its 200 day moving average is $32.72. The company has a market cap of $298.50 billion, a P/E ratio of 13.09, a PEG ratio of 1.70 and a beta of 1.39.

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 for the quarter, topping 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 company had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. During the same quarter in the prior year, the company posted $0.94 EPS. The business’s revenue for the quarter was down 1.7% compared to the same quarter last year. On average, research analysts forecast that Bank of America Co. will post 3.19 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.54%. 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.