Gibraltar Capital Management Inc. Cuts Stake in Bank of America Co. (NYSE:BAC)

Gibraltar Capital Management Inc. cut its holdings in Bank of America Co. (NYSE:BAC) by 3.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 169,842 shares of the financial services provider’s stock after selling 5,198 shares during the quarter. Bank of America accounts for 2.4% of Gibraltar Capital Management Inc.’s portfolio, making the stock its 22nd biggest holding. Gibraltar Capital Management Inc.’s holdings in Bank of America were worth $5,719,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. Northern Trust Corp lifted its stake in Bank of America by 2.1% in the 3rd quarter. Northern Trust Corp now owns 67,648,727 shares of the financial services provider’s stock valued at $1,852,222,000 after buying an additional 1,397,469 shares in the last quarter. Barclays PLC raised its stake in Bank of America by 97.3% in the 3rd quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock valued at $1,130,538,000 after purchasing an additional 20,362,295 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Bank of America by 1.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 40,518,019 shares of the financial services provider’s stock valued at $1,109,383,000 after purchasing an additional 746,756 shares in the last quarter. California Public Employees Retirement System raised its holdings in Bank of America by 5.9% in the 4th quarter. California Public Employees Retirement System now owns 22,538,500 shares of the financial services provider’s stock valued at $758,871,000 after acquiring an additional 1,250,096 shares during the last quarter. Finally, Pzena Investment Management LLC boosted its holdings in shares of Bank of America by 28.7% during the third quarter. Pzena Investment Management LLC now owns 19,430,142 shares of the financial services provider’s stock worth $531,997,000 after purchasing an additional 4,335,882 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Odeon Capital Group cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target on the stock. in a research report on Tuesday, January 16th. Wolfe Research raised Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective on the stock in a research report on Friday, April 19th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Keefe, Bruyette & Woods boosted their price target on Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a research note on Friday, April 5th. Finally, Barclays increased their target price on Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. One 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 data from MarketBeat.com, Bank of America has an average rating of “Hold” and a consensus price target of $38.59.

Bank of America Stock Performance

Bank of America stock traded down $0.54 during mid-day trading on Tuesday, reaching $37.01. 30,280,209 shares of the company’s stock were exchanged, compared to its average volume of 41,130,859. The firm has a market capitalization of $291.99 billion, a PE ratio of 12.80, a P/E/G ratio of 1.69 and a beta of 1.39. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Co. has a one year low of $24.96 and a one year high of $38.49. The business’s fifty day simple moving average is $36.26 and its 200 day simple moving average is $32.95.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (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 analysts’ expectations 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 quarterly revenue was down 1.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.94 EPS. On average, sell-side analysts expect that Bank of America Co. will post 3.19 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be given a dividend of $0.24 per share. The ex-dividend date is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a yield of 2.59%. Bank of America’s payout ratio is 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.