Donaldson Capital Management LLC Sells 2,934 Shares of Bank of America Co. (NYSE:BAC)

Donaldson Capital Management LLC trimmed its position in Bank of America Co. (NYSE:BAC) by 29.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,134 shares of the financial services provider’s stock after selling 2,934 shares during the quarter. Donaldson Capital Management LLC’s holdings in Bank of America were worth $271,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Rossmore Private Capital lifted its stake in Bank of America by 1.2% in the fourth quarter. Rossmore Private Capital now owns 26,537 shares of the financial services provider’s stock worth $894,000 after acquiring an additional 303 shares during the period. Chemistry Wealth Management LLC lifted its position in shares of Bank of America by 0.3% in the 1st quarter. Chemistry Wealth Management LLC now owns 109,541 shares of the financial services provider’s stock worth $4,154,000 after purchasing an additional 310 shares during the period. Regent Peak Wealth Advisors LLC boosted its stake in shares of Bank of America by 3.2% during the 4th quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock valued at $336,000 after purchasing an additional 314 shares in the last quarter. Kennedy Investment Group increased its position in shares of Bank of America by 0.6% during the fourth quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock valued at $1,953,000 after buying an additional 321 shares during the period. Finally, Private Ocean LLC raised its stake in Bank of America by 34.0% in the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after buying an additional 325 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Down 0.2 %

Shares of BAC traded down $0.08 on Friday, hitting $37.83. 28,668,680 shares of the stock traded hands, compared to its average volume of 40,953,860. Bank of America Co. has a one year low of $24.96 and a one year high of $38.49. The company has a market capitalization of $298.50 billion, a PE ratio of 13.09, a P/E/G ratio of 1.70 and a beta of 1.39. The business has a 50 day simple moving average of $36.13 and a 200 day simple moving average of $32.72. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate 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 business had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. During the same period last year, the business posted $0.94 EPS. The company’s revenue was down 1.7% compared to the same quarter last year. As a group, equities analysts forecast that Bank of America Co. will post 3.19 earnings per share for the current fiscal 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 given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.54%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is 33.22%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Barclays lifted their price objective on Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. 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 note on Thursday, April 4th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. BMO Capital Markets boosted their target price on shares of Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a report on Thursday, April 18th. Finally, Jefferies Financial Group increased their price target on shares of Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research note on Monday, April 8th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $38.53.

Bank of America Company 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.