Bank of America Co. (NYSE:BAC) Stock Position Lowered by Manatuck Hill Partners LLC

Manatuck Hill Partners LLC lessened its holdings in Bank of America Co. (NYSE:BAC) by 10.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 121,198 shares of the financial services provider's stock after selling 14,439 shares during the period. Bank of America comprises approximately 2.2% of Manatuck Hill Partners LLC's holdings, making the stock its 10th biggest holding. Manatuck Hill Partners LLC's holdings in Bank of America were worth $5,327,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Geode Capital Management LLC grew its holdings in Bank of America by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider's stock valued at $6,243,000,000 after purchasing an additional 2,033,229 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Bank of America by 10.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock valued at $5,381,126,000 after purchasing an additional 11,691,451 shares in the last quarter. Norges Bank acquired a new stake in Bank of America during the 4th quarter valued at $5,226,989,000. Capital World Investors grew its holdings in Bank of America by 23.9% during the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock valued at $3,876,853,000 after purchasing an additional 17,031,143 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in Bank of America by 17.2% during the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock valued at $2,985,785,000 after purchasing an additional 9,980,859 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on BAC. Cfra Research raised their price objective on shares of Bank of America to $47.00 and gave the stock a "buy" rating in a report on Wednesday, April 16th. Baird R W raised shares of Bank of America from a "hold" rating to a "strong-buy" rating in a report on Friday, March 7th. Hsbc Global Res raised shares of Bank of America from a "hold" rating to a "strong-buy" rating in a report on Tuesday, January 7th. Keefe, Bruyette & Woods decreased their price objective on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Finally, UBS Group raised their price objective on shares of Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a report on Wednesday, April 16th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and four have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $47.25.

Bank of America Trading Up 0.8 %

Shares of NYSE:BAC opened at $40.19 on Friday. The company has a market cap of $305.53 billion, a PE ratio of 12.48, a P/E/G ratio of 1.21 and a beta of 1.24. The company's 50-day moving average price is $40.07 and its 200 day moving average price is $43.52. Bank of America Co. has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The company has a quick ratio of 0.78, a current 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 data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Sell-side analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

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

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.

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