InTrack Investment Management Inc Cuts Holdings in Bank of America Co. (NYSE:BAC)

InTrack Investment Management Inc reduced its holdings in shares of Bank of America Co. (NYSE:BAC - Free Report) by 45.6% in the first quarter, according to its most recent filing with the SEC. The fund owned 17,448 shares of the financial services provider's stock after selling 14,625 shares during the period. InTrack Investment Management Inc's holdings in Bank of America were worth $728,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Collier Financial purchased a new position in Bank of America during the fourth quarter worth approximately $25,000. Life Planning Partners Inc raised its holdings in shares of Bank of America by 3,883.2% in the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock valued at $25,000 after buying an additional 545,936 shares during the last quarter. Graney & King LLC acquired a new position in Bank of America during the 4th quarter worth approximately $25,000. Fairway Wealth LLC acquired a new position in Bank of America during the fourth quarter worth about $29,000. Finally, Vega Investment Solutions purchased a new stake in shares of Bank of America in the fourth quarter valued at $30,000. Institutional investors own 70.71% of the company's stock.

Bank of America Stock Performance

Shares of BAC traded down $0.59 during trading hours on Friday, hitting $44.04. The company's stock had a trading volume of 43,276,878 shares, compared to its average volume of 39,752,378. The company has a market cap of $331.67 billion, a price-to-earnings ratio of 13.68, a PEG 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 business has a 50 day simple moving average of $41.32 and a two-hundred day simple moving average of $43.44. 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 issued 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. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $27.37 billion for the quarter, compared to analysts' expectations of $26.83 billion. On average, equities analysts expect 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 declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be issued 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 30.95%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on BAC shares. Cfra Research increased their price target on shares of Bank of America to $47.00 and gave the stock a "buy" rating in a research report on Wednesday, April 16th. JPMorgan Chase & Co. cut their price objective on Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a research note on Thursday, April 3rd. Keefe, Bruyette & Woods dropped their price objective 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. Royal Bank of Canada dropped their price objective on shares of Bank of America from $50.00 to $45.00 and set an "outperform" rating for the company in a research report on Wednesday, April 16th. Finally, Citigroup reduced 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 report on Monday, March 24th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have assigned a buy rating and four have issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $47.69.

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.