Regal Partners Ltd Trims Holdings in Bank of America Co. (NYSE:BAC)

Regal Partners Ltd trimmed its position in shares of Bank of America Co. (NYSE:BAC - Free Report) by 8.3% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,958,514 shares of the financial services provider's stock after selling 176,511 shares during the quarter. Bank of America accounts for 8.7% of Regal Partners Ltd's investment portfolio, making the stock its 2nd largest holding. Regal Partners Ltd's holdings in Bank of America were worth $86,077,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of BAC. Principal Financial Group Inc. boosted its holdings in Bank of America by 3.8% during the 3rd quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider's stock worth $611,692,000 after acquiring an additional 569,385 shares during the last quarter. Morse Asset Management Inc purchased a new position in Bank of America during the 3rd quarter worth $306,000. SkyView Investment Advisors LLC boosted its holdings in Bank of America by 4.3% during the 3rd quarter. SkyView Investment Advisors LLC now owns 15,602 shares of the financial services provider's stock worth $619,000 after acquiring an additional 645 shares during the last quarter. Tudor Financial Inc. purchased a new position in Bank of America during the 3rd quarter worth $645,000. Finally, Eaton Financial Holdings Company LLC purchased a new position in Bank of America during the 3rd quarter worth $488,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of NYSE:BAC traded up $0.31 during trading on Thursday, reaching $40.19. The company had a trading volume of 32,422,278 shares, compared to its average volume of 39,230,002. The company has a fifty day moving average of $40.15 and a two-hundred day moving average of $43.54. The stock has a market capitalization of $305.53 billion, a P/E ratio of 12.48, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24. Bank of America Co. has a 12 month low of $33.07 and a 12 month high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. The firm had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Equities research analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.59%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's payout ratio is 30.95%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Barclays lowered their target price on Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Baird R W upgraded Bank of America from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 7th. Phillip Securities upgraded Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research note on Thursday, April 17th. JPMorgan Chase & Co. lowered their price objective on Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a research note on Thursday, April 3rd. Finally, Keefe, Bruyette & Woods lowered their price objective on Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and four have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $47.25.

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.