Bank of America Co. (NYSE:BAC) Position Trimmed by Mackenzie Financial Corp

Mackenzie Financial Corp reduced its holdings in Bank of America Co. (NYSE:BAC - Free Report) by 5.8% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 3,358,262 shares of the financial services provider's stock after selling 206,823 shares during the quarter. Mackenzie Financial Corp's holdings in Bank of America were worth $147,596,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Forum Financial Management LP boosted its position in Bank of America by 11.2% during the 4th quarter. Forum Financial Management LP now owns 104,062 shares of the financial services provider's stock valued at $4,574,000 after purchasing an additional 10,482 shares during the period. Griffith & Werner Inc. bought a new stake in Bank of America in the fourth quarter valued at $4,442,000. Sunbeam Capital Management LLC acquired a new position in shares of Bank of America during the fourth quarter valued at $56,000. Jupiter Wealth Management LLC grew its position in shares of Bank of America by 5.7% during the fourth quarter. Jupiter Wealth Management LLC now owns 46,247 shares of the financial services provider's stock worth $2,033,000 after acquiring an additional 2,500 shares during the last quarter. Finally, Warm Springs Advisors Inc. acquired a new stake in shares of Bank of America in the 4th quarter worth about $671,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Down 0.3%

BAC stock opened at $43.20 on Friday. The firm has a market cap of $325.38 billion, a PE ratio of 13.42, a P/E/G ratio of 1.21 and a beta of 1.27. Bank of America Co. has a 12 month low of $33.07 and a 12 month high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a 50 day simple moving average of $40.34 and a 200 day simple moving average of $43.60.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data 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. The company had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Equities research analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.41%. The ex-dividend date is Friday, June 6th. Bank of America's dividend payout ratio is 30.95%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on BAC. Phillip Securities raised shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research note on Thursday, April 17th. TD Cowen assumed coverage on Bank of America in a research report on Thursday, May 15th. They set a "buy" rating and a $53.00 price objective for the company. Evercore ISI decreased their price objective on Bank of America from $51.00 to $48.00 and set an "outperform" rating for the company in a report on Tuesday, April 1st. JPMorgan Chase & Co. cut their target price 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, Cfra Research increased their price target on Bank of America to $47.00 and gave the stock a "buy" rating in a research note on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have issued a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average 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.

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