Bank of America Corporation (NYSE:BAC) Shares Sold by Fidelis Capital Partners LLC

Fidelis Capital Partners LLC trimmed its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 19.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 207,085 shares of the financial services provider's stock after selling 51,072 shares during the quarter. Bank of America accounts for 0.9% of Fidelis Capital Partners LLC's portfolio, making the stock its 26th biggest holding. Fidelis Capital Partners LLC's holdings in Bank of America were worth $8,219,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in BAC. Geode Capital Management LLC lifted its holdings in Bank of America by 1.4% in the fourth 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 during the period. Price T Rowe Associates Inc. MD increased its position in 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 worth $5,381,126,000 after buying an additional 11,691,451 shares in the last quarter. Norges Bank purchased a new stake in Bank of America in the fourth quarter worth about $5,226,989,000. Capital World Investors grew its position in shares of Bank of America by 23.9% during the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock worth $3,876,853,000 after purchasing an additional 17,031,143 shares in the last quarter. Finally, Northern Trust Corp grew its position in shares of Bank of America by 17.2% during 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 in the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Trading Down 0.6%

Shares of BAC stock traded down $0.26 on Friday, reaching $46.71. 31,608,474 shares of the company's stock were exchanged, compared to its average volume of 40,519,929. Bank of America Corporation has a 52 week low of $33.07 and a 52 week high of $49.31. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11. The stock has a market capitalization of $351.81 billion, a PE ratio of 13.90, a P/E/G ratio of 1.28 and a beta of 1.30. The company's fifty day simple moving average is $44.88 and its 200 day simple moving average is $43.54.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. The company had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. As a group, analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were issued a $0.26 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.23%. Bank of America's dividend payout ratio is presently 30.95%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on BAC shares. Barclays cut their target price on Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. UBS Group raised their price target on Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a report on Wednesday, April 16th. Citigroup raised their price target on Bank of America from $50.00 to $54.00 and gave the company a "buy" rating in a report on Thursday, June 26th. Hsbc Global Res cut Bank of America from a "strong-buy" rating to a "hold" rating in a report on Tuesday. Finally, Keefe, Bruyette & Woods cut their price target on Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $48.89.

Bank of America Company 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.