Stephens Inc. AR Sells 100,770 Shares of Bank of America Corporation (NYSE:BAC)

Stephens Inc. AR cut its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 15.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 539,856 shares of the financial services provider's stock after selling 100,770 shares during the period. Stephens Inc. AR's holdings in Bank of America were worth $22,528,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of BAC. Geode Capital Management LLC raised its position in Bank of America by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider's stock worth $6,243,000,000 after purchasing an additional 2,033,229 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Bank of America by 10.6% during 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 acquiring an additional 11,691,451 shares during the period. Norges Bank bought a new position in shares of Bank of America during the 4th quarter worth about $5,226,989,000. Capital World Investors grew its stake in Bank of America by 23.9% in the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock valued at $3,876,853,000 after acquiring an additional 17,031,143 shares during the period. Finally, Northern Trust Corp increased its stake in Bank of America by 17.2% during 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 purchasing an additional 9,980,859 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BAC has been the topic of a number of recent research reports. UBS Group raised their target price on Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a report on Wednesday, April 16th. Hsbc Global Res downgraded shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 8th. Cowen initiated coverage on shares of Bank of America in a research report on Wednesday, May 14th. They issued a "buy" rating for the company. Wall Street Zen lowered Bank of America from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Finally, Oppenheimer restated an "outperform" rating on shares of Bank of America in a research report on Thursday, May 22nd. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Bank of America has a consensus rating of "Moderate Buy" and an average target price of $48.89.

Bank of America Trading Up 0.1%

Shares of NYSE:BAC traded up $0.04 on Monday, hitting $46.77. The company had a trading volume of 8,886,495 shares, compared to its average volume of 40,431,629. Bank of America Corporation has a 1 year low of $33.07 and a 1 year high of $49.31. The firm has a market capitalization of $352.28 billion, a price-to-earnings ratio of 13.91, a P/E/G ratio of 1.27 and a beta of 1.30. The firm's 50-day simple moving average is $44.99 and its two-hundred day simple moving average is $43.55. 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 (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, beating the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. Equities analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Shareholders 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 2.22%. The ex-dividend date was Friday, June 6th. Bank of America's payout ratio is 30.95%.

Bank of America Company 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.