Corundum Group Inc. Sells 11,155 Shares of Bank of America Corporation (NYSE:BAC)

Corundum Group Inc. lessened its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 31.3% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,440 shares of the financial services provider's stock after selling 11,155 shares during the quarter. Corundum Group Inc.'s holdings in Bank of America were worth $1,020,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Norges Bank bought a new stake in Bank of America in the 4th quarter worth about $5,226,989,000. Capital World Investors boosted its stake in shares of Bank of America by 23.9% in the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock worth $3,876,853,000 after buying an additional 17,031,143 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Bank of America by 10.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock valued at $5,381,126,000 after acquiring an additional 11,691,451 shares in the last quarter. Amundi increased its position in shares of Bank of America by 37.1% during the fourth quarter. Amundi now owns 37,819,980 shares of the financial services provider's stock valued at $1,747,658,000 after acquiring an additional 10,231,001 shares during the last quarter. Finally, Northern Trust Corp boosted its position in Bank of America by 17.2% in the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock worth $2,985,785,000 after purchasing an additional 9,980,859 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Keefe, Bruyette & Woods cut their price target on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a report on Wednesday, April 16th. Royal Bank Of Canada dropped their target price on shares of Bank of America from $50.00 to $45.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 16th. Barclays decreased their price target on shares of 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. Wall Street Zen downgraded Bank of America from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Finally, Evercore ISI decreased their target price on Bank of America from $51.00 to $48.00 and set an "outperform" rating for the company in a research report on Tuesday, April 1st. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, nineteen have assigned a buy rating and four have given a strong buy rating to the company's stock. According to MarketBeat.com, Bank of America has a consensus rating of "Moderate Buy" and a consensus target price of $47.56.

Bank of America Trading Up 1.4%

Shares of NYSE BAC traded up $0.66 during midday trading on Thursday, reaching $47.51. The company had a trading volume of 40,075,726 shares, compared to its average volume of 39,865,895. The stock has a market cap of $357.83 billion, a PE ratio of 13.94, a price-to-earnings-growth ratio of 1.27 and a beta of 1.30. Bank of America Corporation has a one year low of $33.07 and a one year high of $48.08. The firm's fifty day moving average price is $42.91 and its 200-day moving average price is $43.33. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results 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 business had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. On average, equities research analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date is Friday, June 6th. Bank of America's dividend payout ratio (DPR) is presently 30.95%.

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.