Boston Partners reduced its holdings in Bank of America (NYSE:BAC) by 3.6% during the 1st quarter, Holdings Channel reports. The institutional investor owned 67,632,534 shares of the financial services provider’s stock after selling 2,536,390 shares during the quarter. Bank of America comprises 2.4% of Boston Partners’ holdings, making the stock its biggest holding. Boston Partners’ holdings in Bank of America were worth $2,028,300,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Bank of New York Mellon Corp grew its position in shares of Bank of America by 5.8% in the 4th quarter. Bank of New York Mellon Corp now owns 104,558,690 shares of the financial services provider’s stock valued at $3,086,572,000 after acquiring an additional 5,720,403 shares during the period. Fred Alger Management Inc. grew its position in shares of Bank of America by 56.5% in the 4th quarter. Fred Alger Management Inc. now owns 14,842,612 shares of the financial services provider’s stock valued at $438,154,000 after acquiring an additional 5,360,724 shares during the period. SG Americas Securities LLC grew its position in shares of Bank of America by 173.0% in the 4th quarter. SG Americas Securities LLC now owns 1,789,973 shares of the financial services provider’s stock valued at $52,840,000 after acquiring an additional 4,243,334 shares during the period. Mackenzie Financial Corp grew its position in shares of Bank of America by 44.1% in the 4th quarter. Mackenzie Financial Corp now owns 12,462,731 shares of the financial services provider’s stock valued at $367,900,000 after acquiring an additional 3,811,966 shares during the period. Finally, Westfield Capital Management Co. LP bought a new position in shares of Bank of America in the 3rd quarter valued at about $88,757,000. Hedge funds and other institutional investors own 69.87% of the company’s stock.

Shares of BAC stock opened at $31.06 on Thursday. The stock has a market cap of $318.78 billion, a P/E ratio of 16.97, a P/E/G ratio of 1.52 and a beta of 1.37. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.96. Bank of America has a 52 week low of $31.02 and a 52 week high of $31.24.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Monday, April 16th. The financial services provider reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.03. Bank of America had a net margin of 19.65% and a return on equity of 9.40%. The business had revenue of $23.10 billion during the quarter, compared to analysts’ expectations of $23.04 billion. During the same quarter in the previous year, the company earned $0.41 EPS. The business’s revenue was up 4.1% on a year-over-year basis. research analysts forecast that Bank of America will post 2.55 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Shareholders of record on Friday, June 1st will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.55%. The ex-dividend date is Thursday, May 31st. Bank of America’s dividend payout ratio (DPR) is 26.23%.

A number of research analysts have recently commented on the stock. Citigroup lifted their price objective on shares of Bank of America from $32.00 to $34.00 and gave the company a “neutral” rating in a research report on Tuesday, April 24th. ValuEngine downgraded shares of Bank of America from a “buy” rating to a “hold” rating in a research report on Wednesday, April 18th. Barclays lifted their price objective on shares of Bank of America from $35.00 to $37.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 17th. Jefferies Group reissued a “buy” rating and issued a $34.00 price objective on shares of Bank of America in a research report on Tuesday, April 17th. Finally, Vetr downgraded shares of Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.17 price objective for the company. in a research report on Tuesday, April 17th. Nine research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Bank of America presently has a consensus rating of “Buy” and a consensus target price of $32.13.

Bank of America Company 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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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