Gibraltar Capital Management Inc. Has $5.62 Million Holdings in Bank of America Corporation (NYSE:BAC)

Gibraltar Capital Management Inc. trimmed its position in Bank of America Corporation (NYSE:BAC - Free Report) by 13.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 134,774 shares of the financial services provider's stock after selling 20,061 shares during the quarter. Gibraltar Capital Management Inc.'s holdings in Bank of America were worth $5,624,000 as of its most recent SEC filing.

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

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Baird R W cut Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 27th. Robert W. Baird reiterated a "neutral" rating and set a $52.00 price target on shares of Bank of America in a research report on Friday, June 27th. Wall Street Zen cut Bank of America from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. UBS Group boosted their price objective on Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a research report on Wednesday, April 16th. Finally, TD Cowen initiated coverage on Bank of America in a research report on Thursday, May 15th. They issued a "buy" rating and a $53.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $48.89.

Bank of America Stock Up 0.2%

Shares of NYSE:BAC traded up $0.08 during trading on Thursday, hitting $46.92. The company's stock had a trading volume of 44,192,410 shares, compared to its average volume of 40,468,224. 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 Corporation has a fifty-two week low of $33.07 and a fifty-two week high of $49.31. The stock's 50-day moving average price is $44.74 and its two-hundred day moving average price is $43.52. The company has a market capitalization of $353.43 billion, a PE ratio of 13.97, a PEG ratio of 1.28 and a beta of 1.30.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analysts' expectations of $26.83 billion. As a group, sell-side analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently announced 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 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 payout ratio is currently 30.95%.

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.