Bank of America Corporation (NYSE:BAC) Shares Sold by Gibraltar Capital Management Inc.

Gibraltar Capital Management Inc. lowered its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 13.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor 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 filing with the SEC.

Other large investors have also modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Bank of America by 4.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider's stock valued at $173,168,000 after buying an additional 173,021 shares in the last quarter. OFI Invest Asset Management acquired a new stake in shares of Bank of America in the fourth quarter valued at about $60,679,000. Gradient Investments LLC grew its stake in shares of Bank of America by 7.8% in the first quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider's stock valued at $29,061,000 after buying an additional 50,296 shares in the last quarter. Prudential Financial Inc. boosted its holdings in Bank of America by 13.7% in the fourth quarter. Prudential Financial Inc. now owns 6,251,802 shares of the financial services provider's stock valued at $274,767,000 after purchasing an additional 753,880 shares during the last quarter. Finally, Employees Retirement System of Texas boosted its holdings in Bank of America by 12.7% in the fourth quarter. Employees Retirement System of Texas now owns 158,455 shares of the financial services provider's stock valued at $69,640,000 after purchasing an additional 17,880 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. UBS Group increased their price target on Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a report on Wednesday, April 16th. HSBC downgraded Bank of America from a "buy" rating to a "hold" rating and increased their price target for the company from $47.00 to $51.00 in a report on Monday. 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. Wall Street Zen downgraded Bank of America from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Finally, Cfra Research increased their price target on Bank of America to $47.00 and gave the company a "buy" rating in a report on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $48.33.

Bank of America Stock Performance

Bank of America stock traded down $1.49 during mid-day trading on Tuesday, hitting $47.17. 88,051,022 shares of the company's stock traded hands, compared to its average volume of 40,406,855. The firm has a 50 day moving average price of $44.46 and a 200 day moving average price of $43.47. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11. The company has a market cap of $355.28 billion, a PE ratio of 14.04, a price-to-earnings-growth ratio of 1.32 and a beta of 1.30. Bank of America Corporation has a one year low of $33.07 and a one year high of $49.31.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results 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 company had revenue of $27.37 billion for the quarter, compared to analysts' expectations of $26.83 billion. On average, equities analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.20%. The ex-dividend date of this dividend was Friday, June 6th. Bank of America's dividend payout ratio (DPR) is presently 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.