Lodestone Wealth Management LLC Sells 9,235 Shares of Bank of America Corporation (NYSE:BAC)

Lodestone Wealth Management LLC reduced its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 13.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 58,437 shares of the financial services provider's stock after selling 9,235 shares during the period. Bank of America comprises approximately 1.3% of Lodestone Wealth Management LLC's investment portfolio, making the stock its 23rd largest position. Lodestone Wealth Management LLC's holdings in Bank of America were worth $2,439,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in BAC. Geode Capital Management LLC raised its holdings in Bank of America by 1.4% in the 4th 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 buying an additional 2,033,229 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Bank of America by 10.6% in the 4th 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 buying an additional 11,691,451 shares during the last quarter. Norges Bank bought a new position in Bank of America in the 4th quarter valued at approximately $5,226,989,000. Capital World Investors raised its holdings in Bank of America by 23.9% in the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock valued at $3,876,853,000 after buying an additional 17,031,143 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in Bank of America by 17.2% in the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock valued at $2,985,785,000 after buying an additional 9,980,859 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BAC has been the subject of several analyst reports. Baird R W lowered shares of Bank of America from a "strong-buy" rating to a "hold" rating in a report on Friday, June 27th. 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 report on Monday, June 30th. Cowen initiated coverage on shares of Bank of America in a report on Wednesday, May 14th. They set a "buy" rating for the company. Phillip Securities upgraded shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. Finally, UBS Group raised their price target on shares of Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a report on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $48.28.

Bank of America Stock Up 0.5%

NYSE BAC traded up $0.23 during mid-day trading on Friday, hitting $48.94. The company's stock had a trading volume of 21,620,278 shares, compared to its average volume of 40,179,873. The company's 50 day simple moving average is $44.28 and its 200 day simple moving average is $43.44. Bank of America Corporation has a twelve month low of $33.07 and a twelve month high of $49.31. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11. The firm has a market capitalization of $368.61 billion, a price-to-earnings ratio of 14.56, a PEG ratio of 1.33 and a beta of 1.30.

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 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion during 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%. Analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 27th. Investors 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 dividend yield of 2.13%. The ex-dividend date was Friday, June 6th. Bank of America's payout ratio is currently 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.