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

Gibraltar Capital Management Inc. decreased its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 13.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm 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 Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BAC. Avalon Trust Co grew its stake in shares of Bank of America by 14.6% in the fourth quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider's stock worth $76,000 after purchasing an additional 219 shares in the last quarter. TAGStone Capital Inc. grew its stake in shares of Bank of America by 1.2% in the fourth quarter. TAGStone Capital Inc. now owns 19,802 shares of the financial services provider's stock worth $870,000 after purchasing an additional 227 shares in 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 worth $528,000 after purchasing 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 worth $734,000 after purchasing an additional 237 shares in the last quarter. Finally, Menard Financial Group LLC lifted its holdings 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 during the period. Hedge funds and other institutional investors own 70.71% of the company's stock.

Wall Street Analyst Weigh In

BAC has been the subject of several research analyst reports. Citigroup upped their price objective on Bank of America from $50.00 to $54.00 and gave the company a "buy" rating in a report on Thursday, June 26th. Morgan Stanley upped their price objective on Bank of America from $47.00 to $49.00 and gave the company an "overweight" rating in a report on Monday, June 23rd. UBS Group upped their price objective on Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a report on Wednesday, April 16th. Argus cut their price objective on Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Finally, Evercore ISI cut their price objective on Bank of America from $51.00 to $48.00 and set an "outperform" rating for the company in a report on Tuesday, April 1st. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $48.59.

Bank of America Stock Down 0.3%

Shares of NYSE BAC traded down $0.13 during mid-day trading on Wednesday, reaching $47.03. 24,094,407 shares of the company traded hands, compared to its average volume of 43,351,551. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79. The stock has a market cap of $354.19 billion, a PE ratio of 14.00, a price-to-earnings-growth ratio of 1.32 and a beta of 1.30. The company's fifty day moving average is $44.60 and its two-hundred day moving average is $43.50. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $49.31.

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 EPS 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 analyst estimates of $26.83 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. On average, analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date was Friday, June 6th. Bank of America's dividend payout ratio is 30.95%.

About Bank of America

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.