Twinbeech Capital LP Sells 61,939 Shares of Bank of America Co. (NYSE:BAC)

Twinbeech Capital LP decreased its holdings in Bank of America Co. (NYSE:BAC - Free Report) by 74.0% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 21,751 shares of the financial services provider's stock after selling 61,939 shares during the quarter. Twinbeech Capital LP's holdings in Bank of America were worth $956,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in BAC. Geode Capital Management LLC grew its holdings in shares of 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 worth $6,243,000,000 after purchasing an additional 2,033,229 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of 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 worth $5,381,126,000 after purchasing an additional 11,691,451 shares during the last quarter. Norges Bank bought a new stake in shares of Bank of America in the 4th quarter worth about $5,226,989,000. Capital World Investors grew its holdings 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 worth $3,876,853,000 after purchasing an additional 17,031,143 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in shares of 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 worth $2,985,785,000 after purchasing an additional 9,980,859 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Analyst Ratings Changes

Several research firms have recently weighed in on BAC. Cfra Research upped their target price on shares of Bank of America to $47.00 and gave the stock a "buy" rating in a report on Wednesday, April 16th. JPMorgan Chase & Co. decreased their price objective on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a report on Thursday, April 3rd. Barclays decreased 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. Cowen initiated coverage on shares of Bank of America in a report on Wednesday, May 14th. They set a "buy" rating on the stock. Finally, Phillip Securities raised shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have given a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $47.50.

Bank of America Stock Down 0.3%

BAC stock traded down $0.11 during mid-day trading on Friday, hitting $43.20. 34,870,751 shares of the company were exchanged, compared to its average volume of 39,724,339. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a market cap of $325.38 billion, a P/E ratio of 13.42, a P/E/G ratio of 1.21 and a beta of 1.27. The firm's 50 day simple moving average is $40.34 and its 200 day simple moving average is $43.61. Bank of America Co. has a 1-year low of $33.07 and a 1-year high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. The firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. On average, sell-side analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.41%. Bank of America's dividend 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.