Harbor Capital Advisors Inc. cut its holdings in shares of Bank of America Co. (NYSE:BAC - Free Report) by 9.2% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 136,096 shares of the financial services provider's stock after selling 13,716 shares during the period. Harbor Capital Advisors Inc.'s holdings in Bank of America were worth $5,679,000 as of its most recent SEC filing.
A number of other institutional investors have also recently modified their holdings of the business. Geode Capital Management LLC grew its position in shares of Bank of America by 1.4% during 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 during the period. Price T Rowe Associates Inc. MD grew its position in shares of Bank of America by 10.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock valued at $5,381,126,000 after acquiring an additional 11,691,451 shares during the period. Norges Bank acquired a new stake in Bank of America in the 4th quarter worth about $5,226,989,000. Capital World Investors boosted its holdings in Bank of America by 23.9% in the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock worth $3,876,853,000 after buying an additional 17,031,143 shares during the last quarter. Finally, Northern Trust Corp boosted its holdings in Bank of America by 17.2% in the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock worth $2,985,785,000 after buying an additional 9,980,859 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
BAC has been the topic of several research analyst reports. Wall Street Zen cut Bank of America from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Phillip Securities upgraded Bank of America from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. Argus lowered their price objective on Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. UBS Group lifted their price objective on Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a report on Wednesday, April 16th. Finally, Keefe, Bruyette & Woods lowered their price objective on Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a report on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have issued a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat.com, Bank of America currently has a consensus rating of "Moderate Buy" and an average price target of $47.69.
Read Our Latest Stock Report on BAC
Bank of America Trading Down 1.3%
Shares of BAC stock traded down $0.59 during trading on Friday, hitting $44.04. 43,276,878 shares of the stock traded hands, compared to its average volume of 39,751,425. The firm has a market capitalization of $331.67 billion, a P/E ratio of 13.68, a price-to-earnings-growth ratio of 1.21 and a beta of 1.30. 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 firm's fifty day moving average price is $41.50 and its 200-day moving average price is $43.42. Bank of America Co. has a 52-week low of $33.07 and a 52-week high of $48.08.
Bank of America (NYSE:BAC - Get Free Report) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.80 by $0.10. The company had revenue of $27.37 billion for the quarter, compared to analyst estimates 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, research analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.
Bank of America Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders 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 yield of 2.36%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's payout ratio is 30.95%.
About Bank of America
(
Free Report)
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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