Bank of America Co. (NYSE:BAC) Shares Sold by Donaldson Capital Management LLC

Donaldson Capital Management LLC reduced its stake in shares of Bank of America Co. (NYSE:BAC) by 29.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,134 shares of the financial services provider’s stock after selling 2,934 shares during the period. Donaldson Capital Management LLC’s holdings in Bank of America were worth $271,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Livelsberger Financial Advisory bought a new stake in Bank of America during the fourth quarter valued at $28,000. Northwest Investment Counselors LLC bought a new stake in shares of Bank of America during the 1st quarter valued at about $33,000. Fortis Group Advisors LLC acquired a new stake in Bank of America during the third quarter worth about $25,000. Criterion Capital Advisors LLC bought a new position in Bank of America in the fourth quarter worth about $32,000. Finally, Glass Jacobson Investment Advisors llc boosted its stake in 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 valued at $28,000 after acquiring an additional 504 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 0.2 %

Bank of America stock traded down $0.08 during mid-day trading on Friday, hitting $37.83. The company’s stock had a trading volume of 28,668,680 shares, compared to its average volume of 40,953,860. 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 52-week low of $24.96 and a 52-week high of $38.49. The firm’s 50 day moving average is $36.13 and its 200 day moving average is $32.72. The company has a market cap of $298.50 billion, a PE ratio of 13.09, a price-to-earnings-growth ratio of 1.70 and a beta of 1.39.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. During the same period in the prior year, the firm earned $0.94 earnings per share. The firm’s revenue was down 1.7% compared to the same quarter last year. On average, analysts anticipate that Bank of America Co. will post 3.19 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.54%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of recent research reports. Barclays upped their price objective on Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. HSBC reaffirmed a “hold” rating and issued a $39.00 price objective (up previously from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Wells Fargo & Company boosted their target price on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. BMO Capital Markets upped 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 research report on Thursday, April 18th. Finally, Wolfe Research raised Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price target on the stock in a report on Friday, April 19th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $38.53.

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.