Unison Asset Management LLC Cuts Stock Holdings in Bank of America Corporation (NYSE:BAC)

Unison Asset Management LLC lessened its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 3.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 165,457 shares of the financial services provider's stock after selling 5,502 shares during the period. Bank of America makes up approximately 4.0% of Unison Asset Management LLC's investment portfolio, making the stock its 11th largest position. Unison Asset Management LLC's holdings in Bank of America were worth $6,905,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in BAC. Geode Capital Management LLC increased its position in 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 acquiring an additional 2,033,229 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of Bank of America by 10.6% during the fourth 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 period. Norges Bank bought a new stake in shares of Bank of America in the fourth quarter valued at approximately $5,226,989,000. Capital World Investors increased its stake in Bank of America by 23.9% during 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 acquiring an additional 17,031,143 shares during the period. Finally, Northern Trust Corp raised its holdings in 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 valued at $2,985,785,000 after acquiring an additional 9,980,859 shares in the last quarter. Institutional investors own 70.71% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on BAC shares. The Goldman Sachs Group upped their price target on shares of Bank of America from $46.00 to $52.00 and gave the stock a "buy" rating in a report on Tuesday, June 10th. Phillip Securities raised Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research note on Thursday, April 17th. Oppenheimer reiterated an "outperform" rating on shares of Bank of America in a research report on Thursday, May 22nd. TD Cowen started coverage on shares of Bank of America in a report on Thursday, May 15th. They issued a "buy" rating and a $53.00 target price for the company. Finally, UBS Group raised their price target on shares of Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a research note on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, nineteen have assigned 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 $47.40.

Bank of America Stock Up 0.4%

Shares of Bank of America stock traded up $0.19 during trading on Wednesday, reaching $46.85. 33,529,657 shares of the company traded hands, compared to its average volume of 39,846,963. The firm has a market capitalization of $352.87 billion, a PE ratio of 13.94, a P/E/G ratio of 1.26 and a beta of 1.30. Bank of America Corporation has a 1-year low of $33.07 and a 1-year high of $48.08. The company has a 50 day moving average price of $42.72 and a 200-day moving average price of $43.30. 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 posted 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. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The business had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. As a group, equities research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date is Friday, June 6th. 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.