Bank of America Co. (NYSE:BAC) Shares Sold by Dark Forest Capital Management LP

Dark Forest Capital Management LP cut its holdings in shares of Bank of America Co. (NYSE:BAC - Free Report) by 21.6% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 31,609 shares of the financial services provider's stock after selling 8,684 shares during the period. Dark Forest Capital Management LP's holdings in Bank of America were worth $1,389,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Collier Financial acquired a new stake in shares of Bank of America during the 4th quarter valued at about $25,000. Life Planning Partners Inc grew its position in shares of Bank of America by 3,883.2% during the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock valued at $25,000 after acquiring an additional 545,936 shares during the period. Graney & King LLC purchased a new position in Bank of America in the 4th quarter valued at about $25,000. Fairway Wealth LLC purchased a new position in Bank of America in the 4th quarter valued at about $29,000. Finally, Glass Jacobson Investment Advisors llc lifted its stake in Bank of America by 53.0% in the 4th quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider's stock valued at $35,000 after buying an additional 276 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Trading Up 0.2 %

Bank of America stock traded up $0.09 during midday trading on Friday, reaching $39.67. 32,686,998 shares of the stock traded hands, compared to its average volume of 39,159,931. The company has a 50-day simple moving average of $40.48 and a two-hundred day simple moving average of $43.60. Bank of America Co. has a 12-month low of $33.07 and a 12-month high of $48.08. The firm has a market cap of $301.60 billion, a PE ratio of 12.32, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24. 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 announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating analysts' consensus estimates of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $27.37 billion during the quarter, compared to analysts' expectations of $26.83 billion. Research analysts expect that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.62%. The ex-dividend date is Friday, June 6th. Bank of America's dividend payout ratio (DPR) is 30.95%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. UBS Group raised their price target on shares of Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a research note on Wednesday, April 16th. Robert W. Baird raised shares of Bank of America from a "neutral" rating to an "outperform" rating and raised their price target for the company from $45.00 to $50.00 in a research note on Friday, March 7th. Evercore ISI decreased their price target on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 1st. Cfra Research raised their price target on shares of Bank of America to $47.00 and gave the company a "buy" rating in a research note on Wednesday, April 16th. Finally, JPMorgan Chase & Co. decreased their target price on shares of 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. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and four have given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $47.43.

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.