Bank of America Co. (NYSE:BAC) Shares Sold by GTS Securities LLC

GTS Securities LLC trimmed its position in shares of Bank of America Co. (NYSE:BAC - Free Report) by 90.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 83,606 shares of the financial services provider's stock after selling 782,796 shares during the period. GTS Securities LLC's holdings in Bank of America were worth $3,674,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Bank of America by 4.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider's stock valued at $173,168,000 after purchasing an additional 173,021 shares during the last quarter. OFI Invest Asset Management bought a new position in shares of Bank of America during the fourth quarter valued at approximately $60,679,000. Arizona State Retirement System boosted its stake in shares of Bank of America by 0.5% during the fourth quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider's stock valued at $89,150,000 after purchasing an additional 10,377 shares in the last quarter. Keybank National Association OH boosted its stake in shares of Bank of America by 1.1% during the fourth quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider's stock valued at $152,006,000 after purchasing an additional 38,258 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Bank of America by 0.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider's stock valued at $1,886,769,000 after purchasing an additional 297,858 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on BAC shares. Oppenheimer restated an "outperform" rating on shares of Bank of America in a research note on Thursday. TD Cowen started coverage on Bank of America in a report on Thursday, May 15th. They issued a "buy" rating and a $53.00 price target for the company. Cfra Research lifted their price objective on shares of Bank of America to $47.00 and gave the stock a "buy" rating in a research note on Wednesday, April 16th. JPMorgan Chase & Co. decreased their target price on Bank of America from $49.50 to $43.50 and set an "overweight" rating for the company in a report on Thursday, April 3rd. Finally, Citigroup decreased their price target on Bank of America from $54.00 to $50.00 and set a "buy" rating for the company in a report on Monday, March 24th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have assigned a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat, Bank of America presently has a consensus rating of "Moderate Buy" and an average price target of $47.50.

Bank of America Trading Up 1.6%

NYSE BAC traded up $0.71 during trading on Tuesday, hitting $43.91. The stock had a trading volume of 14,917,508 shares, compared to its average volume of 39,699,368. The company has a market capitalization of $330.69 billion, a PE ratio of 13.64, a PEG ratio of 1.21 and a beta of 1.27. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm has a 50 day moving average price of $40.36 and a 200 day moving average price of $43.58. Bank of America Co. has a twelve month low of $33.07 and a twelve month high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last released its 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 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 research analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders 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 2.37%. Bank of America's dividend payout ratio (DPR) is 30.95%.

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.