Amalgamated Bank Sells 86,908 Shares of Bank of America Co. (NYSE:BAC)

Amalgamated Bank decreased its stake in Bank of America Co. (NYSE:BAC - Free Report) by 4.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,670,858 shares of the financial services provider's stock after selling 86,908 shares during the period. Bank of America makes up 0.4% of Amalgamated Bank's investment portfolio, making the stock its 28th largest holding. Amalgamated Bank's holdings in Bank of America were worth $56,258,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in BAC. Los Angeles Capital Management LLC raised its position in Bank of America by 67.1% during the fourth quarter. Los Angeles Capital Management LLC now owns 1,209,476 shares of the financial services provider's stock worth $40,723,000 after acquiring an additional 485,508 shares during the last quarter. Natixis Advisors L.P. grew its holdings in shares of Bank of America by 8.6% during the fourth quarter. Natixis Advisors L.P. now owns 3,986,134 shares of the financial services provider's stock worth $134,212,000 after buying an additional 314,634 shares in the last quarter. Fisher Asset Management LLC grew its holdings in shares of Bank of America by 17.1% during the fourth quarter. Fisher Asset Management LLC now owns 37,649,708 shares of the financial services provider's stock worth $1,267,666,000 after buying an additional 5,484,219 shares in the last quarter. LGT Group Foundation grew its holdings in shares of Bank of America by 26.9% during the fourth quarter. LGT Group Foundation now owns 1,681,194 shares of the financial services provider's stock worth $56,959,000 after buying an additional 356,204 shares in the last quarter. Finally, Rogco LP grew its holdings in shares of Bank of America by 164.8% during the fourth quarter. Rogco LP now owns 16,984 shares of the financial services provider's stock worth $572,000 after buying an additional 10,571 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. JPMorgan Chase & Co. lifted their price target on shares of Bank of America from $39.50 to $40.50 and gave the stock an "overweight" rating in a report on Wednesday. HSBC restated a "hold" rating and issued a $39.00 target price (up from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Jefferies Financial Group boosted their target price on shares of Bank of America from $36.00 to $39.00 and gave the company a "hold" rating in a report on Monday, April 8th. Morgan Stanley upgraded shares of Bank of America from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $32.00 to $41.00 in a report on Tuesday, January 30th. Finally, Wolfe Research upgraded shares of Bank of America from a "peer perform" rating to an "outperform" rating and set a $42.00 target price for the company in a report on Friday, April 19th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $38.70.

Bank of America Stock Down 0.2 %

BAC traded down $0.07 during trading on Thursday, hitting $36.88. The company had a trading volume of 34,780,855 shares, compared to its average volume of 40,952,926. The company has a market cap of $291.01 billion, a PE ratio of 12.76, a P/E/G ratio of 1.66 and a beta of 1.37. The business has a 50-day moving average of $36.39 and a 200-day moving average of $33.01. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $38.49.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm had revenue of $25.82 billion for the quarter, compared to analysts' expectations of $25.49 billion. During the same period in the prior year, the company posted $0.94 earnings per share. The firm's quarterly revenue was down 1.7% on a year-over-year basis. As a group, analysts forecast that Bank of America Co. will post 3.19 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.60%. Bank of America's dividend payout ratio is currently 33.22%.

About Bank of America

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.