OLD National Bancorp IN Decreases Holdings in Bank of America Co. (NYSE:BAC)

OLD National Bancorp IN decreased its position in shares of Bank of America Co. (NYSE:BAC) by 8.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 59,724 shares of the financial services provider’s stock after selling 5,739 shares during the period. OLD National Bancorp IN’s holdings in Bank of America were worth $2,011,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Regent Peak Wealth Advisors LLC raised its holdings in shares of Bank of America by 3.2% in the fourth quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock worth $336,000 after buying an additional 314 shares during the last quarter. Kennedy Investment Group raised its holdings in shares of Bank of America by 0.6% in the fourth quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock worth $1,953,000 after buying an additional 321 shares during the last quarter. Private Ocean LLC raised its holdings in shares of 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 during the last quarter. Selective Wealth Management Inc. raised its holdings in shares of Bank of America by 2.0% in the fourth quarter. Selective Wealth Management Inc. now owns 17,351 shares of the financial services provider’s stock worth $586,000 after buying an additional 334 shares during the last quarter. Finally, Morton Capital Management LLC CA raised its holdings in shares of Bank of America by 3.3% in the fourth quarter. Morton Capital Management LLC CA now owns 10,628 shares of the financial services provider’s stock worth $358,000 after buying an additional 341 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 2.1 %

BAC stock opened at $37.75 on Tuesday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The firm has a market cap of $297.87 billion, a PE ratio of 13.06, a P/E/G ratio of 1.66 and a beta of 1.39. Bank of America Co. has a one year low of $24.96 and a one year high of $38.35. The firm’s fifty day moving average is $35.77 and its 200 day moving average is $32.48.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.06. The business had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company’s revenue was down 1.7% compared to the same quarter last year. During the same period last year, the firm posted $0.94 earnings per share. On average, research analysts forecast that Bank of America Co. will post 3.17 EPS for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.54%. The ex-dividend date was Thursday, February 29th. Bank of America’s payout ratio is 33.22%.

Analysts Set New Price Targets

A number of research analysts have issued reports on BAC shares. Jefferies Financial Group raised their price target on shares of Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a report on Monday, April 8th. Oppenheimer cut 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 research note on Wednesday, April 17th. Keefe, Bruyette & Woods increased their price objective on shares of 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. Wolfe Research upgraded shares of 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 note on Friday. Finally, Odeon Capital Group lowered shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective on the stock. in a research note on Tuesday, January 16th. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, Bank of America has an average rating of “Hold” and an average price target of $38.53.

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.