Jennison Associates LLC Decreases Stock Holdings in Bank of America Corporation (NYSE:BAC)

Jennison Associates LLC reduced its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 39.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,210,244 shares of the financial services provider's stock after selling 2,107,115 shares during the period. Jennison Associates LLC's holdings in Bank of America were worth $133,963,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in BAC. Geode Capital Management LLC raised its position in shares of 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 purchasing an additional 2,033,229 shares during the period. Price T Rowe Associates Inc. MD grew its stake in Bank of America by 10.6% during the fourth 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 in the last quarter. Norges Bank purchased a new position in Bank of America during the fourth quarter valued at approximately $5,226,989,000. Capital World Investors grew its stake in 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 valued at $3,876,853,000 after acquiring an additional 17,031,143 shares in the last quarter. Finally, Northern Trust Corp grew its stake in 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 valued at $2,985,785,000 after acquiring an additional 9,980,859 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Royal Bank Of Canada set a $53.00 price target on shares of Bank of America and gave the stock an "outperform" rating in a research note on Monday, June 30th. Oppenheimer cut their price target on shares of Bank of America from $57.00 to $55.00 and set an "outperform" rating for the company in a research note on Thursday. Citigroup boosted their price objective on shares of Bank of America from $50.00 to $54.00 and gave the stock a "buy" rating in a report on Thursday, June 26th. The Goldman Sachs Group boosted their price objective on shares of Bank of America from $46.00 to $52.00 and gave the stock a "buy" rating in a report on Tuesday, June 10th. Finally, Wall Street Zen lowered shares of Bank of America from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $50.03.

Bank of America Price Performance

NYSE:BAC traded up $0.31 during trading hours on Friday, hitting $47.33. 48,220,966 shares of the stock traded hands, compared to its average volume of 40,501,913. The company has a quick ratio of 0.78, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a 1 year low of $33.07 and a 1 year high of $49.31. The company has a market cap of $356.48 billion, a price-to-earnings ratio of 13.84, a price-to-earnings-growth ratio of 1.29 and a beta of 1.30. The stock has a 50 day moving average price of $45.53 and a 200 day moving average price of $43.64.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.03. The firm had revenue of ($22,273.00) million for the quarter, compared to analysts' expectations of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The company's revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.83 earnings per share. Sell-side analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date was Friday, June 6th. Bank of America's dividend payout ratio (DPR) is 30.41%.

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.