Principal Financial Group Inc. lessened its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 2.8% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 14,391,519 shares of the financial services provider's stock after selling 416,283 shares during the period. Principal Financial Group Inc. owned 0.19% of Bank of America worth $600,558,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Bank of America by 4.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider's stock worth $173,168,000 after acquiring an additional 173,021 shares during the period. OFI Invest Asset Management purchased a new stake in Bank of America in the 4th quarter valued at about $60,679,000. Arizona State Retirement System raised its holdings in Bank of America by 0.5% in the 4th quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider's stock valued at $89,150,000 after buying an additional 10,377 shares during the period. Gradient Investments LLC raised its holdings in Bank of America by 7.8% in the 1st quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider's stock valued at $29,061,000 after buying an additional 50,296 shares during the period. Finally, Prudential Financial Inc. raised its holdings in Bank of America by 13.7% in the 4th quarter. Prudential Financial Inc. now owns 6,251,802 shares of the financial services provider's stock valued at $274,767,000 after buying an additional 753,880 shares during the period. Hedge funds and other institutional investors own 70.71% of the company's stock.
Analyst Upgrades and Downgrades
Several brokerages recently issued reports on BAC. Oppenheimer restated an "outperform" rating on shares of Bank of America in a report on Thursday, May 22nd. Barclays reduced their price objective on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Morgan Stanley boosted their price objective on shares of Bank of America from $47.00 to $49.00 and gave the company an "overweight" rating in a report on Monday, June 23rd. Robert W. Baird restated a "neutral" rating and issued a $52.00 price objective on shares of Bank of America in a report on Friday, June 27th. Finally, Royal Bank Of Canada set a $53.00 price objective on shares of Bank of America and gave the company an "outperform" rating in a report on Monday, June 30th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $48.28.
Check Out Our Latest Report on BAC
Bank of America Stock Up 0.5%
Shares of Bank of America stock traded up $0.23 on Friday, reaching $48.94. 21,620,278 shares of the company were exchanged, compared to its average volume of 40,179,873. 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 $368.61 billion, a P/E ratio of 14.57, a price-to-earnings-growth ratio of 1.33 and a beta of 1.30. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. The stock's 50 day moving average price is $44.28 and its 200-day moving average price is $43.44.
Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping analysts' consensus estimates 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 return on equity of 10.25% and a net margin of 14.56%. As a group, equities analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.
Bank of America Announces Dividend
The firm also recently announced 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 annualized dividend and a yield of 2.13%. The ex-dividend date of this dividend was Friday, June 6th. Bank of America's payout ratio is 30.95%.
Bank of America Company Profile
(
Free Report)
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.
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