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

Greenleaf Trust cut its holdings in Bank of America Co. (NYSE:BAC) by 18.1% during the fourth quarter, HoldingsChannel reports. The firm owned 137,193 shares of the financial services provider’s stock after selling 30,304 shares during the period. Greenleaf Trust’s holdings in Bank of America were worth $4,619,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the business. Naples Money Management LLC acquired a new position in Bank of America in the fourth quarter valued at $88,000. American Financial Advisors LLC acquired a new position in Bank of America in the fourth quarter valued at $330,000. Bigelow Investment Advisors LLC increased its stake in Bank of America by 4.1% in the fourth quarter. Bigelow Investment Advisors LLC now owns 20,840 shares of the financial services provider’s stock valued at $702,000 after purchasing an additional 813 shares during the period. Resonant Capital Advisors LLC increased its stake in shares of Bank of America by 25.4% during the fourth quarter. Resonant Capital Advisors LLC now owns 9,923 shares of the financial services provider’s stock worth $334,000 after acquiring an additional 2,009 shares during the period. Finally, Zhang Financial LLC acquired a new position in shares of Bank of America during the fourth quarter worth about $287,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of recent analyst reports. 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. 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. Jefferies Financial Group boosted 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. BMO Capital Markets boosted their price target 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. Finally, Oppenheimer decreased their price objective on shares of Bank of America from $46.00 to $45.00 and set an “outperform” rating on the stock in a report on Wednesday. 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 stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $38.53.

Bank of America Stock Performance

Shares of BAC opened at $36.97 on Friday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.80 and a current ratio of 0.79. The company has a market capitalization of $291.72 billion, a price-to-earnings ratio of 12.79, a PEG ratio of 1.61 and a beta of 1.39. The company’s 50 day simple moving average is $35.68 and its 200 day simple moving average is $32.31. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $38.35.

Bank of America (NYSE:BAC) last issued its quarterly 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 net margin of 13.94% and a return on equity of 10.88%. The firm had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. During the same quarter in the prior year, the business posted $0.94 earnings per share. Bank of America’s revenue for the quarter was down 1.7% compared to the same quarter last year. On average, sell-side analysts predict that Bank of America Co. will post 3.17 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.60%. The ex-dividend date was Thursday, February 29th. Bank of America’s payout ratio is currently 33.22%.

Bank of America 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.