Bank of America Corporation (NYSE:BAC) Shares Sold by Financiere des Professionnels Fonds d investissement inc.

Financiere des Professionnels Fonds d investissement inc. lessened its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 4.0% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 230,845 shares of the financial services provider's stock after selling 9,586 shares during the period. Financiere des Professionnels Fonds d investissement inc.'s holdings in Bank of America were worth $9,633,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Avalon Trust Co raised its position in shares of Bank of America by 14.6% during the 4th quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider's stock worth $76,000 after acquiring an additional 219 shares in the last quarter. TAGStone Capital Inc. grew its stake in Bank of America by 1.2% during the 4th quarter. TAGStone Capital Inc. now owns 19,802 shares of the financial services provider's stock worth $870,000 after buying an additional 227 shares during the last quarter. Hayek Kallen Investment Management grew its stake in Bank of America by 2.0% during the 4th quarter. Hayek Kallen Investment Management now owns 12,022 shares of the financial services provider's stock worth $528,000 after buying an additional 233 shares during the last quarter. Continuum Advisory LLC grew its stake in Bank of America by 1.4% during the 4th quarter. Continuum Advisory LLC now owns 16,707 shares of the financial services provider's stock worth $734,000 after buying an additional 237 shares during the last quarter. Finally, Menard Financial Group LLC grew its stake in Bank of America by 1.2% during the 4th quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider's stock worth $906,000 after buying an additional 240 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on BAC shares. JPMorgan Chase & Co. lowered 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. HSBC downgraded Bank of America from a "buy" rating to a "hold" rating and lifted their target price for the company from $47.00 to $51.00 in a research note on Monday. Citigroup lifted their target price on Bank of America from $50.00 to $54.00 and gave the company a "buy" rating in a research note on Thursday, June 26th. Morgan Stanley lifted their target price on Bank of America from $47.00 to $49.00 and gave the company an "overweight" rating in a research note on Monday, June 23rd. Finally, TD Cowen started coverage on Bank of America in a research note on Thursday, May 15th. They issued a "buy" rating and a $53.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Bank of America presently has an average rating of "Moderate Buy" and an average price target of $48.59.

Bank of America Price Performance

BAC stock traded down $0.28 during midday trading on Wednesday, hitting $46.87. 44,953,602 shares of the stock were exchanged, compared to its average volume of 43,522,438. The stock's 50-day moving average price is $44.60 and its 200-day moving average price is $43.50. The stock has a market cap of $353.02 billion, a price-to-earnings ratio of 13.95, a PEG ratio of 1.32 and a beta of 1.30. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $49.31. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79.

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

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were issued a $0.26 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.22%. Bank of America's dividend payout ratio (DPR) is 30.95%.

Bank of America Company Profile

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.