Bank of America Corporation (NYSE:BAC) Stake Lessened by Capital Insight Partners LLC

Capital Insight Partners LLC cut its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 4.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 117,033 shares of the financial services provider's stock after selling 6,014 shares during the quarter. Capital Insight Partners LLC's holdings in Bank of America were worth $4,884,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Gradient Investments LLC grew its holdings in shares of Bank of America by 7.8% during the first quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider's stock valued at $29,061,000 after purchasing an additional 50,296 shares during the last quarter. Prudential Financial Inc. grew its holdings in Bank of America by 13.7% in the 4th quarter. Prudential Financial Inc. now owns 6,251,802 shares of the financial services provider's stock worth $274,767,000 after buying an additional 753,880 shares in the last quarter. Employees Retirement System of Texas grew its holdings in Bank of America by 12.7% in the 4th quarter. Employees Retirement System of Texas now owns 158,455 shares of the financial services provider's stock worth $69,640,000 after buying an additional 17,880 shares in the last quarter. Prosperity Wealth Management Inc. bought a new position in Bank of America in the 1st quarter worth approximately $998,000. Finally, Alpha Cubed Investments LLC grew its holdings in Bank of America by 37.2% in the 1st quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider's stock worth $2,714,000 after buying an additional 17,619 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on BAC shares. Wall Street Zen lowered Bank of America from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Oppenheimer reissued an "outperform" rating on shares of Bank of America in a report on Thursday, May 22nd. Cowen started coverage on Bank of America in a report on Wednesday, May 14th. They issued a "buy" rating for the company. Royal Bank Of Canada set a $53.00 price objective on Bank of America and gave the stock an "outperform" rating in a report on Monday, June 30th. Finally, Keefe, Bruyette & Woods decreased their price objective on Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $48.89.

Bank of America Price Performance

Shares of NYSE:BAC traded down $0.26 on Friday, reaching $46.71. 31,608,474 shares of the company traded hands, compared to its average volume of 40,519,930. Bank of America Corporation has a fifty-two week low of $33.07 and a fifty-two week high of $49.31. The company's 50 day moving average is $44.99 and its 200-day moving average is $43.56. The stock has a market capitalization of $351.81 billion, a PE ratio of 13.90, a P/E/G ratio of 1.28 and a beta of 1.30. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78.

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 EPS for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $26.83 billion. As a group, analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal 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 given a dividend of $0.26 per share. The ex-dividend date was Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.23%. Bank of America's dividend payout ratio (DPR) is presently 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.