ARGA Investment Management LP Sells 33,116 Shares of Bank of America Corporation (NYSE:BAC)

ARGA Investment Management LP reduced its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 8.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 343,161 shares of the financial services provider's stock after selling 33,116 shares during the quarter. Bank of America accounts for about 0.5% of ARGA Investment Management LP's holdings, making the stock its 23rd biggest holding. ARGA Investment Management LP's holdings in Bank of America were worth $14,320,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of BAC. Graney & King LLC bought a new position in Bank of America in the fourth quarter valued at about $25,000. Fairway Wealth LLC bought a new position in Bank of America in the fourth quarter valued at about $29,000. Vega Investment Solutions bought a new position in Bank of America in the fourth quarter valued at about $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in Bank of America in the fourth quarter valued at about $31,000. Finally, Spurstone Advisory Services LLC acquired a new stake in shares of Bank of America in the fourth quarter valued at about $34,000. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Performance

NYSE BAC traded down $0.32 during trading hours on Wednesday, reaching $46.83. 11,625,459 shares of the company were exchanged, compared to its average volume of 40,300,176. Bank of America Corporation has a 1 year low of $33.07 and a 1 year high of $49.31. The business's 50 day simple moving average is $44.60 and its 200-day simple moving average is $43.50. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11. The stock has a market capitalization of $352.69 billion, a P/E ratio of 13.96, a P/E/G ratio of 1.32 and a beta of 1.30.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.10. The firm had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. On average, equities research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were paid a $0.26 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.22%. Bank of America's payout ratio is 30.95%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on BAC. HSBC cut Bank of America from a "buy" rating to a "hold" rating and increased their price target for the company from $47.00 to $51.00 in a research note on Monday. UBS Group raised their target price on Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a research note on Wednesday, April 16th. Robert W. Baird reaffirmed a "neutral" rating and set a $52.00 target price on shares of Bank of America in a research note on Friday, June 27th. Royal Bank Of Canada set a $53.00 target price on Bank of America and gave the stock an "outperform" rating in a research note on Monday, June 30th. Finally, The Goldman Sachs Group raised their target price on Bank of America from $46.00 to $52.00 and gave the stock a "buy" rating in a research note on Tuesday, June 10th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $48.59.

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.