Boit C F David Sells 10,000 Shares of Bank of America Co. (NYSE:BAC)

Boit C F David cut its position in Bank of America Co. (NYSE:BAC - Free Report) by 8.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 107,198 shares of the financial services provider's stock after selling 10,000 shares during the period. Bank of America accounts for approximately 2.2% of Boit C F David's investment portfolio, making the stock its 16th biggest holding. Boit C F David's holdings in Bank of America were worth $4,473,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Bank of America by 4.6% in the 4th 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 during the period. OFI Invest Asset Management acquired a new position in Bank of America during the 4th quarter valued at about $60,679,000. Arizona State Retirement System boosted its stake in Bank of America by 0.5% during the 4th quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider's stock valued at $89,150,000 after purchasing an additional 10,377 shares during the last quarter. Keybank National Association OH boosted its stake in Bank of America by 1.1% during the 4th quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider's stock valued at $152,006,000 after purchasing an additional 38,258 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Bank of America by 0.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider's stock valued at $1,886,769,000 after purchasing an additional 297,858 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of NYSE:BAC traded down $0.10 during mid-day trading on Friday, reaching $44.14. The company had a trading volume of 66,528,527 shares, compared to its average volume of 39,794,828. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm has a market cap of $332.46 billion, a price-to-earnings ratio of 13.71, a PEG ratio of 1.21 and a beta of 1.27. The company's 50-day moving average price is $40.46 and its 200-day moving average price is $43.54. Bank of America Co. has a one year low of $33.07 and a one year high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results 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 company had revenue of $27.37 billion for the quarter, compared to analysts' expectations of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. As a group, equities research analysts anticipate that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.36%. Bank of America's payout ratio is 30.95%.

Analyst Ratings Changes

BAC has been the subject of a number of analyst reports. Robert W. Baird upgraded Bank of America from a "neutral" rating to an "outperform" rating and lifted their price target for the company from $45.00 to $50.00 in a research note on Friday, March 7th. Wall Street Zen downgraded Bank of America from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Oppenheimer reiterated an "outperform" rating on shares of Bank of America in a research note on Thursday, May 22nd. Cfra Research lifted their price target on Bank of America to $47.00 and gave the company a "buy" rating in a research note on Wednesday, April 16th. Finally, Barclays cut their price target on Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have issued a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat.com, Bank of America currently has a consensus rating of "Moderate Buy" and an average price target of $47.50.

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.