Jupiter Asset Management Ltd. Has $17.65 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Jupiter Asset Management Ltd. trimmed its stake in Bank of America Co. (NYSE:BAC) by 34.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 465,322 shares of the financial services provider’s stock after selling 245,401 shares during the quarter. Jupiter Asset Management Ltd.’s holdings in Bank of America were worth $17,645,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of BAC. BKM Wealth Management LLC acquired a new stake in Bank of America in the fourth quarter worth $136,000. Radnor Capital Management LLC acquired a new position in shares of Bank of America during the fourth quarter valued at about $231,000. Vest Financial LLC grew its holdings in shares of Bank of America by 19.8% during the fourth quarter. Vest Financial LLC now owns 382,047 shares of the financial services provider’s stock valued at $12,864,000 after buying an additional 63,192 shares during the last quarter. OneAscent Financial Services LLC grew its holdings in shares of Bank of America by 99.9% during the fourth quarter. OneAscent Financial Services LLC now owns 26,574 shares of the financial services provider’s stock valued at $895,000 after buying an additional 13,279 shares during the last quarter. Finally, Brookstone Capital Management grew its holdings in shares of Bank of America by 2.0% during the fourth quarter. Brookstone Capital Management now owns 161,249 shares of the financial services provider’s stock valued at $5,429,000 after buying an additional 3,149 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on BAC. Wells Fargo & Company lifted their price objective on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. Evercore ISI lifted their price objective on shares of Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday. Oppenheimer lifted their price objective on shares of Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Tuesday, April 30th. BMO Capital Markets boosted their price target on shares of Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a report on Thursday. Finally, Barclays boosted their price target on shares of Bank of America from $43.00 to $49.00 and gave the stock an “overweight” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $41.92.

Insider Activity at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the business’s stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the completion of the transaction, the insider now owns 998,961,079 shares of the company’s stock, valued at $43,085,191,337.27. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Over the last 90 days, insiders sold 24,984,363 shares of company stock valued at $1,089,448,152. Corporate insiders own 0.29% of the company’s stock.

Bank of America Stock Performance

Shares of NYSE BAC traded down $0.11 during midday trading on Friday, hitting $42.90. The company’s stock had a trading volume of 43,902,967 shares, compared to its average volume of 37,118,136. The stock has a fifty day moving average price of $40.12 and a 200 day moving average price of $36.96. Bank of America Co. has a one year low of $24.96 and a one year high of $44.44. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $335.49 billion, a price-to-earnings ratio of 14.84, a P/E/G ratio of 1.63 and a beta of 1.35.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.04. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The company had revenue of $25.38 billion for the quarter, compared to analyst estimates of $25.22 billion. During the same quarter in the previous year, the firm posted $0.88 earnings per share. The company’s quarterly revenue was up .7% compared to the same quarter last year. On average, research analysts forecast that Bank of America Co. will post 3.24 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were paid a dividend of $0.24 per share. The ex-dividend date was Friday, June 7th. This represents a $0.96 annualized dividend and a yield of 2.24%. Bank of America’s dividend 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.