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

Tlwm trimmed its holdings in shares of Bank of America Co. (NYSE:BAC) by 2.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 35,336 shares of the financial services provider’s stock after selling 807 shares during the quarter. Bank of America accounts for about 0.3% of Tlwm’s investment portfolio, making the stock its 27th biggest position. Tlwm’s holdings in Bank of America were worth $1,340,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Norges Bank purchased a new position in shares of Bank of America during the 4th quarter valued at approximately $3,734,407,000. Price T Rowe Associates Inc. MD increased its position in shares of Bank of America by 10.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock worth $3,502,720,000 after purchasing an additional 9,879,524 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Bank of America by 3.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 41,833,075 shares of the financial services provider’s stock valued at $1,408,520,000 after purchasing an additional 1,315,056 shares in the last quarter. Parnassus Investments LLC lifted its position in shares of Bank of America by 7.8% during the fourth quarter. Parnassus Investments LLC now owns 40,508,709 shares of the financial services provider’s stock worth $1,363,928,000 after purchasing an additional 2,935,040 shares during the last quarter. Finally, Capital World Investors grew its stake in Bank of America by 12.1% in the fourth quarter. Capital World Investors now owns 40,189,379 shares of the financial services provider’s stock worth $1,353,216,000 after purchasing an additional 4,338,679 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of NYSE BAC traded up $0.27 during midday trading on Thursday, reaching $39.27. 29,461,014 shares of the company traded hands, compared to its average volume of 38,857,660. The stock has a 50-day moving average price of $38.78 and a 200 day moving average price of $35.97. The company has a market cap of $307.11 billion, a price-to-earnings ratio of 13.54, a PEG ratio of 1.50 and a beta of 1.36. 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 Co. has a 52 week low of $24.96 and a 52 week high of $40.34.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The company had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.94 EPS. Sell-side analysts anticipate that Bank of America Co. will post 3.22 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.44%. The ex-dividend date is Friday, June 7th. Bank of America’s payout ratio is 33.22%.

Wall Street Analyst Weigh In

BAC has been the topic of several research reports. HSBC reaffirmed a “hold” rating and set a $39.00 target price (up previously from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Keefe, Bruyette & Woods upgraded shares of Bank of America from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $37.00 to $46.00 in a research note on Friday, June 14th. Citigroup lifted their price target on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a report on Wednesday, March 20th. Wolfe Research raised shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective for the company in a research report on Friday, April 19th. Finally, Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $39.79.

About Bank of America

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.