Morningstar Investment Services LLC Has $1.34 Million Stake in Bank of America Corporation (NYSE:BAC)

Morningstar Investment Services LLC trimmed its position in Bank of America Corporation (NYSE:BAC - Free Report) by 48.6% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 32,012 shares of the financial services provider's stock after selling 30,293 shares during the period. Morningstar Investment Services LLC's holdings in Bank of America were worth $1,336,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. TAGStone Capital Inc. boosted its stake in Bank of America by 1.2% in the fourth quarter. TAGStone Capital Inc. now owns 19,802 shares of the financial services provider's stock valued at $870,000 after acquiring an additional 227 shares during the period. Hayek Kallen Investment Management boosted its stake in Bank of America by 2.0% in the fourth quarter. Hayek Kallen Investment Management now owns 12,022 shares of the financial services provider's stock valued at $528,000 after acquiring an additional 233 shares during the period. Continuum Advisory LLC boosted its stake in Bank of America by 1.4% in the fourth quarter. Continuum Advisory LLC now owns 16,707 shares of the financial services provider's stock valued at $734,000 after acquiring an additional 237 shares during the period. Menard Financial Group LLC boosted its stake in Bank of America by 1.2% in the fourth quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider's stock valued at $906,000 after acquiring an additional 240 shares during the period. Finally, Hancock Whitney Corp boosted its stake in Bank of America by 0.3% in the fourth quarter. Hancock Whitney Corp now owns 89,203 shares of the financial services provider's stock valued at $3,920,000 after acquiring an additional 260 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Up 0.7%

Shares of Bank of America stock traded up $0.31 on Friday, hitting $47.33. 48,220,966 shares of the company traded hands, compared to its average volume of 40,501,913. The company has a 50-day moving average price of $45.53 and a 200 day moving average price of $43.64. 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 12-month low of $33.07 and a 12-month high of $49.31. The company has a market cap of $356.48 billion, a PE ratio of 13.84, a PEG ratio of 1.29 and a beta of 1.30.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating the consensus estimate of $0.86 by $0.03. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business had revenue of ($22,273.00) million for the quarter, compared to analysts' expectations of $26.79 billion. During the same period in the previous year, the company posted $0.83 EPS. Bank of America's revenue was up 4.3% on a year-over-year basis. Sell-side analysts predict 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 disclosed a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.20%. The ex-dividend date was Friday, June 6th. Bank of America's payout ratio is presently 30.41%.

Wall Street Analyst Weigh In

A number of brokerages have commented on BAC. Royal Bank Of Canada set a $53.00 target price on Bank of America and gave the company an "outperform" rating in a research note on Monday, June 30th. HSBC cut Bank of America from a "buy" rating to a "hold" rating and lifted their price target for the company from $47.00 to $51.00 in a report on Monday, July 7th. JPMorgan Chase & Co. cut their price target on Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a report on Thursday, April 3rd. Keefe, Bruyette & Woods cut their price target on Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a report on Wednesday, April 16th. Finally, Wall Street Zen cut Bank of America from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target 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.