Crossmark Global Holdings Inc. Has $36.09 Million Stock Holdings in Bank of America Corporation (NYSE:BAC)

Crossmark Global Holdings Inc. trimmed its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 23.3% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 864,740 shares of the financial services provider's stock after selling 262,133 shares during the period. Bank of America comprises approximately 0.6% of Crossmark Global Holdings Inc.'s investment portfolio, making the stock its 24th biggest position. Crossmark Global Holdings Inc.'s holdings in Bank of America were worth $36,086,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in BAC. Geode Capital Management LLC lifted its position in shares of Bank of America by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider's stock valued at $6,243,000,000 after acquiring an additional 2,033,229 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Bank of America by 10.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock worth $5,381,126,000 after buying an additional 11,691,451 shares in the last quarter. Norges Bank bought a new position in shares of Bank of America during the 4th quarter valued at $5,226,989,000. Capital World Investors raised its holdings in shares of Bank of America by 23.9% during the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock valued at $3,876,853,000 after purchasing an additional 17,031,143 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Bank of America by 17.2% during the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock valued at $2,985,785,000 after purchasing an additional 9,980,859 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Down 2.8%

Shares of Bank of America stock traded down $1.39 on Tuesday, hitting $47.28. The company had a trading volume of 33,557,444 shares, compared to its average volume of 40,148,323. The firm has a market capitalization of $356.07 billion, a P/E ratio of 14.08, a P/E/G ratio of 1.33 and a beta of 1.30. Bank of America Corporation has a twelve month low of $33.07 and a twelve month high of $49.31. 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 stock has a 50-day moving average of $44.46 and a 200-day moving average of $43.47.

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 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.10. The company 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%. Research analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.20%. The ex-dividend date was Friday, June 6th. Bank of America's dividend payout ratio (DPR) is currently 30.95%.

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of recent research reports. Barclays cut their price target 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. Royal Bank Of Canada set a $53.00 target price on shares of Bank of America and gave the company an "outperform" rating in a research note on Monday, June 30th. Oppenheimer reiterated an "outperform" rating on shares of Bank of America in a research note on Thursday, May 22nd. Keefe, Bruyette & Woods lowered their target price on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 16th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a research note on Thursday, April 3rd. Two analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Bank of America presently has an average rating of "Moderate Buy" and an average target price of $48.33.

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.