Janney Capital Management LLC Cuts Position in Bank of America Corporation (NYSE:BAC)

Janney Capital Management LLC cut its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 2.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 245,714 shares of the financial services provider's stock after selling 6,349 shares during the quarter. Janney Capital Management LLC's holdings in Bank of America were worth $10,254,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Graney & King LLC purchased a new stake in Bank of America in the fourth quarter valued at $25,000. Fairway Wealth LLC acquired a new position in shares of Bank of America in the 4th quarter valued at about $29,000. Vega Investment Solutions purchased a new stake in shares of Bank of America in the fourth quarter worth about $30,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in Bank of America during the fourth quarter worth about $31,000. Finally, Spurstone Advisory Services LLC purchased a new position in Bank of America during the fourth quarter valued at approximately $34,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

BAC traded up $0.79 during trading on Thursday, reaching $45.02. The company's stock had a trading volume of 37,676,876 shares, compared to its average volume of 39,791,457. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11. The firm has a fifty day simple moving average of $41.98 and a two-hundred day simple moving average of $43.35. The company has a market cap of $339.09 billion, a price-to-earnings ratio of 13.40, a PEG ratio of 1.20 and a beta of 1.30. Bank of America Corporation has a 1 year low of $33.07 and a 1 year high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results 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. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The business had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. As a group, analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current 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 given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.31%. The ex-dividend date is Friday, June 6th. Bank of America's payout ratio is presently 30.95%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Barclays dropped their price objective on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. UBS Group raised their price target 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. Wall Street Zen cut shares of Bank of America from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Evercore ISI lowered their target price on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 1st. Finally, Robert W. Baird upgraded Bank of America from a "neutral" rating to an "outperform" rating and lifted their price target for the company from $45.00 to $50.00 in a research note on Friday, March 7th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have issued a buy rating and four have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $47.69.

About Bank of America

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.