Bank of America Co. (NYSE:BAC) Shares Sold by Altshuler Shaham Ltd

Altshuler Shaham Ltd reduced its holdings in Bank of America Co. (NYSE:BAC) by 99.4% during the fourth quarter, Holdings Channel reports. The firm owned 30,400 shares of the financial services provider’s stock after selling 4,726,340 shares during the period. Altshuler Shaham Ltd’s holdings in Bank of America were worth $1,024,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in BAC. Fortis Group Advisors LLC acquired a new stake in shares of Bank of America during the third quarter worth $25,000. Criterion Capital Advisors LLC acquired a new position in shares of Bank of America in the fourth quarter worth about $32,000. Glass Jacobson Investment Advisors llc increased its position in shares of Bank of America by 98.1% in the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 504 shares in the last quarter. ZRC Wealth Management LLC raised its holdings in shares of Bank of America by 192.3% during the fourth quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 750 shares during the period. Finally, Private Ocean LLC lifted its position in shares of Bank of America by 34.0% in the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 325 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Up 1.5 %

Shares of Bank of America stock traded up $0.58 on Thursday, hitting $38.29. The company had a trading volume of 26,851,139 shares, compared to its average volume of 40,358,504. The firm has a market capitalization of $299.44 billion, a P/E ratio of 13.25, a P/E/G ratio of 1.66 and a beta of 1.37. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $38.49. The stock has a 50-day moving average of $36.68 and a 200-day moving average of $33.34. 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 (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping 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 company had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. During the same period last year, the business earned $0.94 EPS. The business’s quarterly revenue was down 1.7% on a year-over-year basis. Research analysts predict that Bank of America Co. will post 3.21 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.51%. Bank of America’s dividend payout ratio is 33.22%.

Analyst Upgrades and Downgrades

BAC has been the subject of several recent analyst reports. Morgan Stanley raised Bank of America from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $32.00 to $41.00 in a research report on Tuesday, January 30th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Citigroup increased their price target on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 20th. Keefe, Bruyette & Woods boosted their price target on shares of Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a report on Friday, April 5th. Finally, BMO Capital Markets lifted their price objective on Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research report on Thursday, April 18th. One 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, the stock has an average rating of “Hold” and a consensus 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.