Greylin Investment Management Inc Sells 995 Shares of Bank of America Co. (NYSE:BAC)

Greylin Investment Management Inc trimmed its holdings in shares of Bank of America Co. (NYSE:BAC) by 0.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 252,067 shares of the financial services provider’s stock after selling 995 shares during the period. Bank of America accounts for about 1.5% of Greylin Investment Management Inc’s investment portfolio, making the stock its 11th biggest holding. Greylin Investment Management Inc’s holdings in Bank of America were worth $9,558,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Fortis Group Advisors LLC acquired a new stake in shares of Bank of America in the 3rd quarter valued at approximately $25,000. Glass Jacobson Investment Advisors llc raised its holdings in Bank of America by 98.1% in the third 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. Livelsberger Financial Advisory acquired a new stake in Bank of America in the fourth quarter worth $28,000. Criterion Capital Advisors LLC bought a new position in shares of Bank of America during the fourth quarter worth $32,000. Finally, Northwest Investment Counselors LLC acquired a new position in shares of Bank of America in the 1st quarter valued at $33,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Performance

NYSE:BAC traded down $0.57 during mid-day trading on Thursday, hitting $39.19. The stock had a trading volume of 39,009,702 shares, compared to its average volume of 39,454,629. The company’s 50 day simple moving average is $37.45 and its 200 day simple moving average is $34.26. The stock has a market cap of $306.44 billion, a price-to-earnings ratio of 13.56, a PEG ratio of 1.75 and a beta of 1.37. 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 Co. has a twelve month low of $24.96 and a twelve month high of $39.84.

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, topping 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 company had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. During the same period in the previous year, the company posted $0.94 EPS. The firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. On average, equities research analysts forecast that Bank of America Co. will post 3.23 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders 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 2.45%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio is presently 33.22%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on BAC shares. Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $32.00 to $41.00 in a report on Tuesday, January 30th. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. Wells Fargo & Company increased their target price 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. JPMorgan Chase & Co. lifted their price target on shares of Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a research note on Wednesday, May 1st. Finally, BMO Capital Markets upped their target price on shares of Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research note on Thursday, April 18th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $38.70.

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.