Bank of America Co. (NYSE:BAC) Shares Sold by Hutchinson Capital Management CA

Hutchinson Capital Management CA lowered its position in shares of Bank of America Co. (NYSE:BAC - Free Report) by 2.8% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 694,069 shares of the financial services provider's stock after selling 19,661 shares during the quarter. Bank of America accounts for about 5.1% of Hutchinson Capital Management CA's investment portfolio, making the stock its 4th biggest holding. Hutchinson Capital Management CA's holdings in Bank of America were worth $23,369,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Ethos Financial Group LLC grew its holdings in shares of Bank of America by 6.2% during the fourth quarter. Ethos Financial Group LLC now owns 8,452 shares of the financial services provider's stock worth $285,000 after buying an additional 492 shares in the last quarter. Vestor Capital LLC raised its holdings in shares of Bank of America by 21,126.4% in the fourth quarter. Vestor Capital LLC now owns 534,693 shares of the financial services provider's stock valued at $18,003,000 after purchasing an additional 532,174 shares during the last quarter. Patton Albertson Miller Group LLC lifted its position in shares of Bank of America by 25.5% in the fourth quarter. Patton Albertson Miller Group LLC now owns 133,412 shares of the financial services provider's stock worth $4,492,000 after purchasing an additional 27,075 shares in the last quarter. Advantage Trust Co acquired a new position in Bank of America during the fourth quarter worth $76,000. Finally, Heritage Investors Management Corp increased its stake in Bank of America by 0.6% in the 4th quarter. Heritage Investors Management Corp now owns 772,224 shares of the financial services provider's stock valued at $26,001,000 after buying an additional 4,291 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Trading Up 0.4 %

NYSE BAC traded up $0.16 on Friday, hitting $38.45. The company's stock had a trading volume of 27,345,150 shares, compared to its average volume of 41,450,048. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $38.78. The company's 50-day moving average is $36.76 and its 200 day moving average is $33.38. The firm has a market cap of $300.65 billion, a PE ratio of 13.30, a PEG ratio of 1.68 and a beta of 1.37.

Bank of America (NYSE:BAC - Get Free Report) last announced 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 during the quarter, compared to analysts' expectations of $25.49 billion. During the same period in the prior year, the company posted $0.94 EPS. The company's revenue was down 1.7% on a year-over-year basis. As a group, analysts predict that Bank of America Co. will post 3.21 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.50%. The ex-dividend date is Friday, June 7th. Bank of America's dividend payout ratio (DPR) is currently 33.22%.

Wall Street Analysts Forecast Growth

BAC has been the topic of several analyst reports. Wolfe Research raised shares of Bank of America from a "peer perform" rating to an "outperform" rating and set a $42.00 price target on the stock in a research report on Friday, April 19th. Oppenheimer lifted their target price on shares of Bank of America from $45.00 to $46.00 and gave the stock an "outperform" rating in a report on Tuesday, April 30th. BMO Capital Markets lifted their target price on shares of Bank of America from $36.00 to $37.00 and gave the stock a "market perform" rating in a report on Thursday, April 18th. Jefferies Financial Group lifted their target price on shares of Bank of America from $36.00 to $39.00 and gave the stock a "hold" rating in a report on Monday, April 8th. Finally, Morgan Stanley raised shares of Bank of America from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $32.00 to $41.00 in a report on Tuesday, January 30th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, Bank of America has an average rating of "Hold" and an average price target of $38.70.

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.

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