Bank of America Co. (NYSE:BAC) Shares Sold by OLD National Bancorp IN

OLD National Bancorp IN cut its position in Bank of America Co. (NYSE:BAC - Free Report) by 11.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 60,685 shares of the financial services provider's stock after selling 8,036 shares during the period. OLD National Bancorp IN's holdings in Bank of America were worth $2,532,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of BAC. Graney & King LLC acquired a new position in shares of Bank of America during the fourth quarter valued at approximately $25,000. Collier Financial acquired a new position in Bank of America in the 4th quarter valued at $25,000. Fairway Wealth LLC purchased a new position in Bank of America in the 4th quarter valued at $29,000. Vega Investment Solutions acquired a new stake in Bank of America during the 4th quarter worth $30,000. Finally, Marshall & Sterling Wealth Advisors Inc. purchased a new stake in shares of Bank of America during the fourth quarter worth $31,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on BAC shares. Barclays decreased their price target on shares of 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. Oppenheimer restated an "outperform" rating on shares of Bank of America in a report on Thursday, May 22nd. Keefe, Bruyette & Woods cut their price target on Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Citigroup reduced their price objective on Bank of America from $54.00 to $50.00 and set a "buy" rating on the stock in a research report on Monday, March 24th. Finally, Argus dropped their target price on Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have assigned a buy rating and four have given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $47.50.

Bank of America Price Performance

BAC stock traded up $0.31 during trading on Tuesday, reaching $45.18. 6,821,497 shares of the company were exchanged, compared to its average volume of 39,646,201. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The stock's 50 day moving average price is $40.78 and its 200 day moving average price is $43.44. Bank of America Co. has a 52-week low of $33.07 and a 52-week high of $48.08. The company has a market cap of $340.25 billion, a P/E ratio of 14.03, a PEG ratio of 1.21 and a beta of 1.30.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping 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 business had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. As a group, analysts predict that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.30%. The ex-dividend date is Friday, June 6th. 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.