Stock Yards Bank & Trust Co. Has $2.79 Million Holdings in Bank of America Co. (NYSE:BAC)

Stock Yards Bank & Trust Co. raised its holdings in Bank of America Co. (NYSE:BAC) by 3.7% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 82,971 shares of the financial services provider’s stock after buying an additional 2,926 shares during the quarter. Stock Yards Bank & Trust Co.’s holdings in Bank of America were worth $2,794,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Northern Trust Corp raised its position in shares of Bank of America by 2.1% during the third quarter. Northern Trust Corp now owns 67,648,727 shares of the financial services provider’s stock worth $1,852,222,000 after purchasing an additional 1,397,469 shares during the period. Barclays PLC raised its position in shares of Bank of America by 97.3% during the third quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock worth $1,130,538,000 after purchasing an additional 20,362,295 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Bank of America by 1.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 40,518,019 shares of the financial services provider’s stock worth $1,109,383,000 after purchasing an additional 746,756 shares during the period. California Public Employees Retirement System raised its position in shares of Bank of America by 28.3% during the third quarter. California Public Employees Retirement System now owns 21,288,404 shares of the financial services provider’s stock worth $582,877,000 after purchasing an additional 4,692,683 shares during the period. Finally, Pzena Investment Management LLC raised its position 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 period. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on BAC. Oppenheimer lowered their target price on Bank of America from $46.00 to $45.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 17th. Wolfe Research raised Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price on the stock in a research report on Friday. Evercore ISI upped their target price on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. Citigroup raised their price objective on Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, March 20th. Finally, Keefe, Bruyette & Woods raised their price objective on Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a research note on Friday, April 5th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $38.53.

Bank of America Trading Up 2.1 %

Shares of Bank of America stock opened at $37.75 on Tuesday. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $38.35. 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. The stock has a fifty day moving average price of $35.77 and a 200-day moving average price of $32.48. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

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 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 analyst estimates of $25.49 billion. During the same quarter last year, the firm posted $0.94 EPS. The firm’s revenue for the quarter was down 1.7% on a year-over-year basis. Equities research analysts anticipate that Bank of America Co. will post 3.17 EPS for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were issued a $0.24 dividend. 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 dividend payout ratio (DPR) is currently 33.22%.

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.