Lbp Am Sa Trims Stake in Bank of America Corporation (NYSE:BAC)

LBP AM SA cut its position in Bank of America Corporation (NYSE:BAC - Free Report) by 29.3% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 408,347 shares of the financial services provider's stock after selling 169,372 shares during the period. LBP AM SA's holdings in Bank of America were worth $17,040,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of BAC. Brighton Jones LLC raised its holdings in shares of Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock valued at $4,785,000 after purchasing an additional 25,143 shares during the last quarter. Bank Pictet & Cie Europe AG grew its position in Bank of America by 35.7% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider's stock valued at $37,797,000 after buying an additional 226,246 shares during the period. Proficio Capital Partners LLC grew its position in Bank of America by 65.3% during the fourth quarter. Proficio Capital Partners LLC now owns 20,252 shares of the financial services provider's stock valued at $890,000 after buying an additional 7,999 shares during the period. Johnson Investment Counsel Inc. grew its position in Bank of America by 5.1% during the fourth quarter. Johnson Investment Counsel Inc. now owns 241,735 shares of the financial services provider's stock valued at $10,624,000 after buying an additional 11,704 shares during the period. Finally, Independent Advisor Alliance grew its position in Bank of America by 11.6% during the fourth quarter. Independent Advisor Alliance now owns 246,724 shares of the financial services provider's stock valued at $10,844,000 after buying an additional 25,666 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BAC has been the subject of several recent research reports. Royal Bank Of Canada set a $53.00 target price on shares of Bank of America and gave the company an "outperform" rating in a research report on Monday, June 30th. TD Cowen initiated coverage on shares of Bank of America in a research report on Thursday, May 15th. They set a "buy" rating and a $53.00 target price for the company. Baird R W lowered shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 27th. JPMorgan Chase & Co. cut their target price on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating for the company in a research report on Thursday, April 3rd. Finally, Hsbc Global Res lowered shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Tuesday. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $48.89.

Bank of America Price Performance

Bank of America stock traded down $0.26 during mid-day trading on Friday, reaching $46.71. 31,608,474 shares of the company's stock traded hands, compared to its average volume of 40,554,722. The company has a market cap of $351.81 billion, a price-to-earnings ratio of 13.90, a PEG ratio of 1.27 and a beta of 1.30. The stock has a 50 day moving average of $44.99 and a two-hundred day moving average of $43.56. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11. Bank of America Corporation has a 12-month low of $33.07 and a 12-month high of $49.31.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly 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 the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. Equities analysts forecast that Bank of America Corporation 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 was paid on Friday, June 27th. Investors of record on Friday, June 6th were paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.23%. The ex-dividend date was Friday, June 6th. Bank of America's payout ratio is 30.95%.

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.