Bank of America Corporation (NYSE:BAC) Shares Sold by Catalina Capital Group LLC

Catalina Capital Group LLC lessened its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 74.5% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 7,589 shares of the financial services provider's stock after selling 22,177 shares during the period. Catalina Capital Group LLC's holdings in Bank of America were worth $317,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of BAC. Graney & King LLC bought a new stake in Bank of America during the 4th quarter valued at $25,000. Fairway Wealth LLC bought a new position in shares of Bank of America during the 4th quarter worth $29,000. Vega Investment Solutions purchased a new position in shares of Bank of America during the fourth quarter valued at $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in shares of Bank of America in the fourth quarter valued at about $31,000. Finally, Spurstone Advisory Services LLC purchased a new stake in Bank of America in the fourth quarter worth about $34,000. Hedge funds and other institutional investors own 70.71% of the company's stock.

Bank of America Stock Performance

Shares of Bank of America stock traded up $0.79 during midday trading on Thursday, hitting $45.02. The company had a trading volume of 37,676,876 shares, compared to its average volume of 39,791,457. The stock has a market cap of $339.09 billion, a price-to-earnings ratio of 13.40, a PEG ratio of 1.20 and a beta of 1.30. Bank of America Corporation has a 12-month low of $33.07 and a 12-month high of $48.08. 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 fifty day simple moving average of $41.98 and a 200 day simple moving average of $43.35.

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 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. The business had revenue of $27.37 billion during the quarter, compared to analysts' expectations of $26.83 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. As a group, analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be given 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 2.31%. Bank of America's dividend payout ratio is currently 30.95%.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of research reports. Cfra Research raised their target price on shares of Bank of America to $47.00 and gave the company a "buy" rating in a research report on Wednesday, April 16th. Barclays cut their price objective on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Wall Street Zen lowered Bank of America from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. The Goldman Sachs Group increased their target price on Bank of America from $46.00 to $52.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. Finally, Phillip Securities raised Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, April 17th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have given a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $47.69.

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.