Lindbrook Capital LLC Has $2.18 Million Stake in Bank of America Corporation (NYSE:BAC)

Lindbrook Capital LLC reduced its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 11.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 52,326 shares of the financial services provider's stock after selling 6,509 shares during the period. Lindbrook Capital LLC's holdings in Bank of America were worth $2,184,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the business. Brighton Jones LLC raised its stake in shares of Bank of America by 30.0% in 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 in the last quarter. Bank Pictet & Cie Europe AG raised its stake in shares of Bank of America by 35.7% in 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 purchasing an additional 226,246 shares in the last quarter. Proficio Capital Partners LLC raised its stake in shares of Bank of America by 65.3% in the fourth quarter. Proficio Capital Partners LLC now owns 20,252 shares of the financial services provider's stock valued at $890,000 after purchasing an additional 7,999 shares in the last quarter. Washington Trust Bank raised its stake in shares of Bank of America by 1.2% in the fourth quarter. Washington Trust Bank now owns 54,857 shares of the financial services provider's stock valued at $2,411,000 after purchasing an additional 677 shares in the last quarter. Finally, Millstone Evans Group LLC acquired a new position in shares of Bank of America in the fourth quarter valued at $546,000. 70.71% of the stock is owned by institutional investors.

Bank of America Price Performance

Shares of BAC stock traded up $0.31 during trading hours on Friday, hitting $47.33. 48,220,966 shares of the company's stock were exchanged, compared to its average volume of 40,501,913. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. Bank of America Corporation has a 52 week low of $33.07 and a 52 week high of $49.31. The stock 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's 50-day moving average is $45.53 and its 200-day moving average is $43.64.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results 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. Bank of America had a return on equity of 10.25% and a net margin of 14.81%. The business had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. During the same quarter in the prior year, the firm posted $0.83 earnings per share. The firm's revenue for the quarter was up 4.3% compared to the same quarter last year. As a group, research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.20%. The ex-dividend date of this dividend was Friday, June 6th. Bank of America's payout ratio is 30.41%.

Analyst Ratings Changes

BAC has been the subject of a number of recent research reports. Argus cut their target price on Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. Robert W. Baird reiterated a "neutral" rating and issued a $52.00 price target on shares of Bank of America in a research report on Friday, June 27th. Citigroup upped their price target on Bank of America from $50.00 to $54.00 and gave the company a "buy" rating in a research report on Thursday, June 26th. The Goldman Sachs Group upped their price target on Bank of America from $46.00 to $52.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. Finally, Hsbc Global Res cut Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 8th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $50.03.

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.