RedJay Asset Management Inc. Sells 25,000 Shares of Bank of America Co. (NYSE:BAC)

RedJay Asset Management Inc. trimmed its holdings in shares of Bank of America Co. (NYSE:BAC - Free Report) by 9.1% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 250,000 shares of the financial services provider's stock after selling 25,000 shares during the quarter. Bank of America accounts for 6.7% of RedJay Asset Management Inc.'s holdings, making the stock its 5th biggest position. RedJay Asset Management Inc.'s holdings in Bank of America were worth $10,988,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Collier Financial bought a new position in shares of Bank of America during the 4th quarter worth approximately $25,000. Life Planning Partners Inc lifted its holdings in 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 purchasing an additional 545,936 shares during the last quarter. Graney & King LLC acquired a new stake in shares of Bank of America during the fourth quarter worth $25,000. Fairway Wealth LLC acquired a new stake in shares of Bank of America during the fourth quarter worth $29,000. Finally, Vega Investment Solutions acquired a new stake in shares of Bank of America during the fourth quarter worth $30,000. 70.71% of the stock is owned by institutional investors.

Bank of America Trading Down 0.3%

BAC traded down $0.14 during trading on Wednesday, hitting $44.08. The company's stock had a trading volume of 35,274,090 shares, compared to its average volume of 39,763,303. Bank of America Co. has a twelve month low of $33.07 and a twelve month 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. The stock's fifty day moving average price is $40.39 and its 200-day moving average price is $43.58. The firm has a market capitalization of $332.01 billion, a P/E ratio of 13.69, a PEG ratio of 1.21 and a beta of 1.27.

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 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Analysts anticipate that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.36%. The ex-dividend date is Friday, June 6th. Bank of America's dividend payout ratio (DPR) is presently 30.95%.

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of recent analyst reports. Baird R W upgraded Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 7th. Citigroup reduced their price target on Bank of America from $54.00 to $50.00 and set a "buy" rating on the stock in a report on Monday, March 24th. TD Cowen began coverage on Bank of America in a report on Thursday, May 15th. They set a "buy" rating and a $53.00 price target on the stock. Cfra Research boosted their price target on Bank of America to $47.00 and gave the stock a "buy" rating in a report on Wednesday, April 16th. Finally, Evercore ISI reduced their price target on Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a report on Tuesday, April 1st. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have given a buy rating and four have given a strong buy rating to the company's stock. According to data from MarketBeat.com, Bank of America has an average rating of "Moderate Buy" and a consensus target price of $47.50.

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.