Lincluden Management Ltd. Decreases Stake in Bank of America Corporation (NYSE:BAC)

Lincluden Management Ltd. lessened its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 4.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 146,694 shares of the financial services provider's stock after selling 6,939 shares during the period. Bank of America makes up approximately 0.8% of Lincluden Management Ltd.'s holdings, making the stock its 29th largest position. Lincluden Management Ltd.'s holdings in Bank of America were worth $6,122,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in BAC. Graney & King LLC purchased a new stake in shares of Bank of America in the fourth quarter worth $25,000. Vega Investment Solutions purchased a new stake in shares of Bank of America in the fourth quarter worth $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in shares of Bank of America during the fourth quarter worth $31,000. Spurstone Advisory Services LLC bought a new position in shares of Bank of America during the fourth quarter worth $34,000. Finally, Glass Jacobson Investment Advisors llc boosted its position in shares of Bank of America by 53.0% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider's stock worth $35,000 after acquiring an additional 276 shares during the last quarter. Institutional investors own 70.71% of the company's stock.

Analyst Ratings Changes

Several equities analysts have commented on BAC shares. Oppenheimer lowered their price objective on shares of Bank of America from $57.00 to $55.00 and set an "outperform" rating for the company in a research report on Thursday, July 17th. Evercore ISI lowered their price target on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a report on Tuesday, April 1st. Keefe, Bruyette & Woods decreased their price objective on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a research note on Wednesday, April 16th. TD Cowen initiated coverage on shares of Bank of America in a research note on Thursday, May 15th. They set a "buy" rating and a $53.00 price objective for the company. Finally, Baird R W cut shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Friday, June 27th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $50.03.

Bank of America Stock Up 0.2%

Shares of BAC traded up $0.08 during mid-day trading on Friday, hitting $48.47. 24,453,044 shares of the company's stock were exchanged, compared to its average volume of 43,373,284. The company has a market cap of $365.09 billion, a price-to-earnings ratio of 14.17, a P/E/G ratio of 1.89 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 1.14, a quick ratio of 0.79 and a current ratio of 0.80. The stock's 50-day moving average is $45.91 and its 200-day moving average is $43.74.

Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, topping analysts' consensus estimates of $0.86 by $0.03. The firm had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business's quarterly revenue was up 4.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.83 earnings per share. On average, sell-side analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, September 5th. This is a positive change from Bank of America's previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.31%. Bank of America's dividend payout ratio (DPR) is 30.41%.

Bank of America announced that its board has approved a share repurchase program on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's management believes its stock is undervalued.

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.