Twin Capital Management Inc. Sells 89,267 Shares of Bank of America Corporation (NYSE:BAC)

Twin Capital Management Inc. trimmed its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 78.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,939 shares of the financial services provider's stock after selling 89,267 shares during the quarter. Twin Capital Management Inc.'s holdings in Bank of America were worth $1,041,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. TAGStone Capital Inc. increased its stake in Bank of America by 1.2% during the fourth quarter. TAGStone Capital Inc. now owns 19,802 shares of the financial services provider's stock worth $870,000 after acquiring an additional 227 shares during the last quarter. Hayek Kallen Investment Management grew its stake in shares of Bank of America by 2.0% in the fourth quarter. Hayek Kallen Investment Management now owns 12,022 shares of the financial services provider's stock valued at $528,000 after buying an additional 233 shares in the last quarter. Continuum Advisory LLC grew its stake in shares of Bank of America by 1.4% in the fourth quarter. Continuum Advisory LLC now owns 16,707 shares of the financial services provider's stock valued at $734,000 after buying an additional 237 shares in the last quarter. Menard Financial Group LLC grew its stake in shares of Bank of America by 1.2% in the fourth quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider's stock valued at $906,000 after buying an additional 240 shares in the last quarter. Finally, Northern Financial Advisors Inc grew its stake in shares of Bank of America by 1.8% in the first quarter. Northern Financial Advisors Inc now owns 14,383 shares of the financial services provider's stock valued at $600,000 after buying an additional 252 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on BAC shares. Cfra Research increased their target price on Bank of America to $47.00 and gave the company a "buy" rating in a research note on Wednesday, April 16th. Baird R W downgraded Bank of America from a "strong-buy" rating to a "hold" rating in a report on Friday, June 27th. Royal Bank Of Canada set a $53.00 price target on Bank of America and gave the company an "outperform" rating in a report on Monday, June 30th. Cowen assumed coverage on Bank of America in a report on Wednesday, May 14th. They issued a "buy" rating for the company. Finally, Wall Street Zen downgraded Bank of America from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. One research analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Bank of America has an average rating of "Moderate Buy" and an average target price of $50.03.

Bank of America Stock Up 1.4%

Shares of NYSE:BAC traded up $0.67 on Thursday, reaching $48.81. The company had a trading volume of 17,056,033 shares, compared to its average volume of 43,306,621. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $49.31. The stock has a 50-day moving average price of $45.75 and a 200 day moving average price of $43.72. The stock has a market capitalization of $367.62 billion, a P/E ratio of 14.28, a P/E/G ratio of 1.86 and a beta of 1.30. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14.

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

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be issued a $0.28 dividend. This is a boost 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 2.29%. Bank of America's dividend payout ratio is presently 30.41%.

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

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.