BLB&B Advisors LLC reduced its stake in Bank of America Corp (NYSE:BAC) by 1.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 68,886 shares of the financial services provider’s stock after selling 1,067 shares during the quarter. BLB&B Advisors LLC’s holdings in Bank of America were worth $1,901,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in BAC. Norges Bank purchased a new stake in Bank of America in the 4th quarter valued at $2,656,024,000. Oregon Public Employees Retirement Fund raised its position in Bank of America by 2,345.4% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 57,933,075 shares of the financial services provider’s stock valued at $2,351,000 after buying an additional 55,563,977 shares during the last quarter. Brandywine Global Investment Management LLC raised its position in Bank of America by 111.7% in the 4th quarter. Brandywine Global Investment Management LLC now owns 11,609,495 shares of the financial services provider’s stock valued at $286,058,000 after buying an additional 6,124,599 shares during the last quarter. PGGM Investments purchased a new stake in Bank of America in the 4th quarter valued at $128,471,000. Finally, Eaton Vance Management raised its position in Bank of America by 32.4% in the 4th quarter. Eaton Vance Management now owns 16,638,057 shares of the financial services provider’s stock valued at $409,962,000 after buying an additional 4,071,262 shares during the last quarter. 63.40% of the stock is owned by institutional investors and hedge funds.

Shares of Bank of America stock opened at $28.18 on Friday. Bank of America Corp has a 1 year low of $22.66 and a 1 year high of $31.91. The firm has a market cap of $293.89 billion, a PE ratio of 10.80, a price-to-earnings-growth ratio of 1.26 and a beta of 1.49. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.96.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.05. Bank of America had a return on equity of 11.79% and a net margin of 25.42%. The firm had revenue of $23 billion during the quarter, compared to analyst estimates of $23.24 billion. During the same period last year, the firm posted $0.62 EPS. The business’s revenue was down .4% compared to the same quarter last year. Equities analysts expect that Bank of America Corp will post 2.86 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.13%. The ex-dividend date of this dividend is Thursday, June 6th. Bank of America’s dividend payout ratio is presently 22.99%.

BAC has been the subject of a number of analyst reports. UBS Group set a $33.00 price target on Bank of America and gave the company a “buy” rating in a research report on Saturday, February 2nd. HSBC initiated coverage on Bank of America in a research report on Thursday, April 4th. They issued a “hold” rating and a $29.00 price target for the company. ValuEngine lowered Bank of America from a “hold” rating to a “sell” rating in a research report on Friday, March 1st. BMO Capital Markets raised their target price on Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research report on Wednesday, April 17th. Finally, Daiwa Capital Markets lowered Bank of America from an “outperform” rating to a “market perform” rating in a research report on Friday, February 8th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the company. Bank of America currently has an average rating of “Hold” and a consensus target price of $32.98.

In other news, insider Dean C. Athanasia sold 129,615 shares of the firm’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $29.78, for a total transaction of $3,859,934.70. Following the completion of the sale, the insider now directly owns 243,617 shares of the company’s stock, valued at approximately $7,254,914.26. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.17% of the company’s stock.

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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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