Bank of America Corporation (NYSE:BAC) Shares Sold by RedJay Asset Management Inc.

RedJay Asset Management Inc. trimmed its position in Bank of America Corporation (NYSE:BAC - Free Report) by 60.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 100,000 shares of the financial services provider's stock after selling 150,000 shares during the quarter. Bank of America accounts for approximately 2.3% of RedJay Asset Management Inc.'s portfolio, making the stock its 14th largest holding. RedJay Asset Management Inc.'s holdings in Bank of America were worth $4,173,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of BAC. Graney & King LLC acquired a new stake in Bank of America in the 4th quarter valued at $25,000. Fairway Wealth LLC acquired a new stake in shares of Bank of America in the fourth quarter valued at about $29,000. Vega Investment Solutions purchased a new stake in shares of Bank of America during the 4th quarter valued at about $30,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in Bank of America during the 4th quarter worth approximately $31,000. Finally, Spurstone Advisory Services LLC purchased a new position in Bank of America in the 4th quarter worth approximately $34,000. Hedge funds and other institutional investors own 70.71% of the company's stock.

Bank of America Trading Down 0.7%

Shares of BAC stock opened at $47.11 on Monday. Bank of America Corporation has a 1 year low of $33.07 and a 1 year high of $48.08. The firm has a market capitalization of $354.85 billion, a PE ratio of 14.02, a price-to-earnings-growth ratio of 1.28 and a beta of 1.30. The stock has a fifty day moving average of $43.31 and a two-hundred day moving average of $43.31. 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 for the quarter, beating analysts' consensus estimates of $0.80 by $0.10. The business had revenue of $27.37 billion for the quarter, compared to analysts' expectations of $26.83 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. As a group, research analysts expect that Bank of America Corporation will post 3.7 EPS 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 paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date of this dividend was Friday, June 6th. Bank of America's dividend payout ratio is currently 30.95%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Wall Street Zen lowered shares of Bank of America from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Baird R W downgraded shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Friday. The Goldman Sachs Group upped their target price on Bank of America from $46.00 to $52.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. Royal Bank Of Canada reduced their price target on shares of Bank of America from $50.00 to $45.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 16th. Finally, Cowen initiated coverage on shares of Bank of America in a report on Wednesday, May 14th. They issued a "buy" rating for the company. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, eighteen have issued a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, Bank of America presently has an average rating of "Moderate Buy" and an average target price of $47.65.

Bank of America 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.

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