E. Ohman J or Asset Management AB Sells 19,450 Shares of Bank of America Co. (NYSE:BAC)

E. Ohman J or Asset Management AB lessened its holdings in shares of Bank of America Co. (NYSE:BAC - Free Report) by 6.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 299,450 shares of the financial services provider's stock after selling 19,450 shares during the period. E. Ohman J or Asset Management AB's holdings in Bank of America were worth $12,496,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Signal Advisors Wealth LLC increased its stake in Bank of America by 7.7% during the 1st quarter. Signal Advisors Wealth LLC now owns 36,521 shares of the financial services provider's stock worth $1,524,000 after acquiring an additional 2,613 shares during the period. Ullmann Wealth Partners Group LLC lifted its position in shares of Bank of America by 1.6% during the 1st quarter. Ullmann Wealth Partners Group LLC now owns 52,985 shares of the financial services provider's stock valued at $2,211,000 after acquiring an additional 842 shares during the period. Foster Group Inc. grew its holdings in shares of Bank of America by 15.5% during the 1st quarter. Foster Group Inc. now owns 11,647 shares of the financial services provider's stock worth $486,000 after purchasing an additional 1,565 shares in the last quarter. AMI Investment Management Inc. grew its holdings in shares of Bank of America by 1.2% during the 1st quarter. AMI Investment Management Inc. now owns 83,492 shares of the financial services provider's stock worth $3,484,000 after purchasing an additional 1,011 shares in the last quarter. Finally, Annex Advisory Services LLC increased its position in shares of Bank of America by 766.3% in the first quarter. Annex Advisory Services LLC now owns 71,618 shares of the financial services provider's stock worth $2,989,000 after purchasing an additional 63,351 shares during the period. 70.71% of the stock is owned by institutional investors.

Bank of America Trading Down 0.0%

Shares of NYSE BAC opened at $44.35 on Friday. The firm has a 50 day moving average price of $40.64 and a two-hundred day moving average price of $43.51. The stock has a market cap of $334.05 billion, a P/E ratio of 13.77, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27. 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 quick ratio of 0.78 and a current ratio of 0.78.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating analysts' consensus estimates of $0.80 by $0.10. The business had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. As a group, equities analysts forecast that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be paid a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.34%. Bank of America's payout ratio is 30.95%.

Analyst Ratings Changes

Several research firms recently weighed in on BAC. JPMorgan Chase & Co. cut their price objective on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating for the company in a research report on Thursday, April 3rd. Robert W. Baird upgraded shares of Bank of America from a "neutral" rating to an "outperform" rating and boosted their target price for the company from $45.00 to $50.00 in a research report on Friday, March 7th. Argus reduced their price target on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. TD Cowen initiated coverage on shares of Bank of America in a research note on Thursday, May 15th. They issued a "buy" rating and a $53.00 price objective on the stock. Finally, UBS Group boosted their price objective on shares of Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a research report on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have given a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $47.50.

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.

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