Trivant Custom Portfolio Group LLC Cuts Stake in Bank of America Corporation (NYSE:BAC)

Trivant Custom Portfolio Group LLC decreased its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 58.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 36,134 shares of the financial services provider's stock after selling 51,751 shares during the period. Trivant Custom Portfolio Group LLC's holdings in Bank of America were worth $1,508,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Geode Capital Management LLC grew its stake in shares of Bank of America by 1.4% during the fourth 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 in 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 worth $5,381,126,000 after buying an additional 11,691,451 shares during the last quarter. Norges Bank acquired a new position in shares of Bank of America in the 4th quarter valued at $5,226,989,000. Capital World Investors grew its position in shares of 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 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 worth $2,985,785,000 after acquiring an additional 9,980,859 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Argus dropped their price objective on Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Barclays dropped 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 research note on Wednesday, April 16th. TD Cowen started coverage on Bank of America in a research note on Thursday, May 15th. They set a "buy" rating and a $53.00 price target for the company. Citigroup reduced their target price on shares of Bank of America from $54.00 to $50.00 and set a "buy" rating for the company in a research note on Monday, March 24th. Finally, Evercore ISI dropped their target price on Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 1st. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have given a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $47.69.

Bank of America Price Performance

Bank of America stock traded up $0.79 during mid-day trading on Thursday, hitting $45.02. 37,676,876 shares of the company were exchanged, compared to its average volume of 39,791,457. The business's 50 day simple moving average is $41.98 and its two-hundred day simple moving average is $43.35. Bank of America Corporation has a 12-month low of $33.07 and a 12-month high of $48.08. The company has a market capitalization of $339.09 billion, a P/E ratio of 13.40, a PEG ratio of 1.20 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.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. The company had revenue of $27.37 billion for 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%. Analysts forecast 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 announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.31%. Bank of America's payout ratio is 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.