Bank of America Co. (NYSE:BAC) Shares Sold by River Global Investors LLP

River Global Investors LLP reduced its holdings in shares of Bank of America Co. (NYSE:BAC) by 0.9% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 108,054 shares of the financial services provider’s stock after selling 983 shares during the quarter. River Global Investors LLP’s holdings in Bank of America were worth $3,638,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Total Clarity Wealth Management Inc. lifted its stake in Bank of America by 26.2% in the third quarter. Total Clarity Wealth Management Inc. now owns 14,083 shares of the financial services provider’s stock valued at $386,000 after buying an additional 2,927 shares during the last quarter. Kennedy Investment Group raised its position in Bank of America by 2.5% in the 3rd quarter. Kennedy Investment Group now owns 57,686 shares of the financial services provider’s stock valued at $1,579,000 after purchasing an additional 1,398 shares during the last quarter. Jacobsen Capital Management boosted its stake in Bank of America by 12.8% during the 3rd quarter. Jacobsen Capital Management now owns 7,989 shares of the financial services provider’s stock worth $219,000 after purchasing an additional 907 shares during the period. Godsey & Gibb Inc. grew its position in Bank of America by 44.5% during the 3rd quarter. Godsey & Gibb Inc. now owns 6,515 shares of the financial services provider’s stock worth $178,000 after purchasing an additional 2,007 shares during the last quarter. Finally, Stone Point Wealth LLC increased its stake in Bank of America by 9.0% in the third quarter. Stone Point Wealth LLC now owns 12,066 shares of the financial services provider’s stock valued at $330,000 after purchasing an additional 1,000 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of BAC stock traded up $0.37 during mid-day trading on Friday, reaching $37.25. The stock had a trading volume of 34,082,662 shares, compared to its average volume of 41,339,492. The company has a market cap of $291.31 billion, a P/E ratio of 12.89, a price-to-earnings-growth ratio of 1.65 and a beta of 1.37. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $38.49. The business has a 50-day simple moving average of $36.46 and a 200 day simple moving average of $33.08.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The firm had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm’s revenue was down 1.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.94 EPS. On average, sell-side analysts anticipate that Bank of America Co. will post 3.2 earnings per share for the current year.

Bank of America Announces Dividend

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 2.58%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s dividend payout ratio is presently 33.22%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Oppenheimer increased their target price on shares of Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a research note on Tuesday. Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $32.00 to $41.00 in a research report on Tuesday, January 30th. UBS Group restated a “neutral” rating and set a $40.00 price objective (up previously from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Finally, Wells Fargo & Company boosted their price target on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $38.70.

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.