Bank of America Co. (NYSE:BAC) Shares Sold by Summit Global Investments

Summit Global Investments trimmed its holdings in shares of Bank of America Co. (NYSE:BAC) by 26.2% during the fourth quarter, Holdings Channel.com reports. The firm owned 16,138 shares of the financial services provider’s stock after selling 5,724 shares during the quarter. Summit Global Investments’ holdings in Bank of America were worth $543,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Barclays PLC raised its position in shares of Bank of America by 97.3% during the 3rd quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock worth $1,130,538,000 after buying an additional 20,362,295 shares in the last quarter. Alphinity Investment Management Pty Ltd boosted its stake in Bank of America by 1,071.8% during the 4th quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock valued at $474,150,000 after purchasing an additional 12,880,492 shares in the last quarter. Darsana Capital Partners LP acquired a new position in shares of Bank of America during the 3rd quarter valued at $177,970,000. Canada Pension Plan Investment Board raised its stake in shares of Bank of America by 143.5% in the 3rd quarter. Canada Pension Plan Investment Board now owns 10,659,309 shares of the financial services provider’s stock worth $291,852,000 after buying an additional 6,281,690 shares in the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC bought a new position in Bank of America during the third quarter valued at about $168,610,000. 70.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

BAC has been the topic of several research reports. Wolfe Research upgraded shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price target on the stock in a research report on Friday, April 19th. BMO Capital Markets raised 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 report on Thursday, April 18th. Oppenheimer upped their price target on Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Tuesday, April 30th. HSBC reissued a “hold” rating and set a $39.00 price objective (up from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Finally, Jefferies Financial Group lifted their target price on Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a report on Monday, April 8th. One analyst has rated the stock with a sell rating, eight have given a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, Bank of America currently has an average rating of “Hold” and a consensus target price of $38.70.

Bank of America Price Performance

NYSE BAC opened at $37.25 on Friday. The company has a 50 day simple moving average of $36.46 and a 200-day simple moving average of $33.08. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $38.49. The firm has a market capitalization of $291.31 billion, a price-to-earnings ratio of 12.89, a price-to-earnings-growth ratio of 1.66 and a beta of 1.37. 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 released its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. During the same quarter in the prior year, the firm earned $0.94 EPS. The company’s revenue was down 1.7% compared to the same quarter last year. Equities research analysts predict that Bank of America Co. will post 3.21 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.58%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s payout ratio 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.