Douglas Lane & Associates LLC Cuts Stock Position in Bank of America Co. (NYSE:BAC)

Douglas Lane & Associates LLC reduced its holdings in Bank of America Co. (NYSE:BAC - Free Report) by 4.1% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,116,983 shares of the financial services provider's stock after selling 91,487 shares during the period. Bank of America makes up 1.3% of Douglas Lane & Associates LLC's portfolio, making the stock its 22nd largest holding. Douglas Lane & Associates LLC's holdings in Bank of America were worth $88,342,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also 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 worth $173,168,000 after buying an additional 173,021 shares in the last quarter. OFI Invest Asset Management purchased a new position in shares of Bank of America during the 4th quarter worth about $60,679,000. Arizona State Retirement System boosted its stake in shares of 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 worth $89,150,000 after purchasing an additional 10,377 shares during the period. Keybank National Association OH boosted its stake in shares of 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 worth $152,006,000 after purchasing an additional 38,258 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of 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 worth $1,886,769,000 after purchasing an additional 297,858 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Down 0.2%

Shares of NYSE:BAC traded down $0.09 during trading hours on Monday, hitting $44.04. The company's stock had a trading volume of 28,393,183 shares, compared to its average volume of 39,749,618. Bank of America Co. has a 52 week low of $33.07 and a 52 week high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market capitalization of $331.69 billion, a price-to-earnings ratio of 13.68, a P/E/G ratio of 1.21 and a beta of 1.27. The firm's fifty day moving average price is $40.46 and its 200 day moving average price is $43.53.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data 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. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. As a group, research analysts expect that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

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

Analyst Ratings Changes

A number of research firms recently commented on BAC. Citigroup dropped their price target on shares of Bank of America from $54.00 to $50.00 and set a "buy" rating for the company in a research note on Monday, March 24th. Oppenheimer reaffirmed an "outperform" rating on shares of Bank of America in a research note on Thursday, May 22nd. Robert W. Baird raised shares of Bank of America from a "neutral" rating to an "outperform" rating and lifted their price target for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. Keefe, Bruyette & Woods dropped their price target on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a research note on Wednesday, April 16th. Finally, Royal Bank of Canada dropped their price target on shares of Bank of America from $50.00 to $45.00 and set an "outperform" rating for the company in a research note on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have given a buy rating and four have issued a strong buy rating to the company. According to MarketBeat.com, Bank of America presently has a consensus rating of "Moderate Buy" and a consensus price target of $47.50.

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.