Bank of America Corporation (NYSE:BAC) Shares Sold by Nisa Investment Advisors LLC

Nisa Investment Advisors LLC lowered its position in Bank of America Corporation (NYSE:BAC - Free Report) by 2.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,932,387 shares of the financial services provider's stock after selling 81,926 shares during the period. Bank of America makes up approximately 0.6% of Nisa Investment Advisors LLC's investment portfolio, making the stock its 20th largest holding. Nisa Investment Advisors LLC's holdings in Bank of America were worth $122,369,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Brighton Jones LLC raised its position in Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock valued at $4,785,000 after acquiring an additional 25,143 shares in the last quarter. Bank Pictet & Cie Europe AG grew its stake in shares of Bank of America by 35.7% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider's stock worth $37,797,000 after purchasing an additional 226,246 shares during the period. Proficio Capital Partners LLC lifted its stake in shares of Bank of America by 65.3% in the 4th quarter. Proficio Capital Partners LLC now owns 20,252 shares of the financial services provider's stock valued at $890,000 after purchasing an additional 7,999 shares during the period. Johnson Investment Counsel Inc. boosted its holdings in Bank of America by 5.1% during the fourth quarter. Johnson Investment Counsel Inc. now owns 241,735 shares of the financial services provider's stock worth $10,624,000 after buying an additional 11,704 shares in the last quarter. Finally, Independent Advisor Alliance grew its position in Bank of America by 11.6% during the fourth quarter. Independent Advisor Alliance now owns 246,724 shares of the financial services provider's stock valued at $10,844,000 after buying an additional 25,666 shares during the period. Institutional investors and hedge funds own 70.71% of the company's stock.

Analyst Ratings Changes

BAC has been the subject of a number of research analyst reports. Hsbc Global Res cut shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Tuesday. Phillip Securities upgraded shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, April 17th. Oppenheimer reiterated an "outperform" rating on shares of Bank of America in a report on Thursday, May 22nd. Cowen initiated coverage on Bank of America in a report on Wednesday, May 14th. They set a "buy" rating for the company. Finally, Argus lowered their price target on Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Bank of America has an average rating of "Moderate Buy" and a consensus price target of $48.59.

Bank of America Stock Performance

Shares of BAC stock traded down $0.28 during trading hours on Wednesday, reaching $46.87. 46,217,283 shares of the company's stock were exchanged, compared to its average volume of 40,430,069. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. The company's 50 day moving average is $44.60 and its two-hundred day moving average is $43.50. The company has a market cap of $353.02 billion, a P/E ratio of 13.95, a price-to-earnings-growth ratio of 1.32 and a beta of 1.30. Bank of America Corporation has a 1 year low of $33.07 and a 1 year high of $49.31.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. The firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. Equities research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were paid a $0.26 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.22%. Bank of America's payout ratio is 30.95%.

Bank of America Company 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.