Cambridge Financial Group Inc. Reduces Stock Holdings in Bank of America Co. (NYSE:BAC)

Cambridge Financial Group Inc. decreased its holdings in shares of Bank of America Co. (NYSE:BAC) by 0.7% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 216,491 shares of the financial services provider’s stock after selling 1,560 shares during the period. Bank of America accounts for 3.7% of Cambridge Financial Group Inc.’s portfolio, making the stock its 6th largest position. Cambridge Financial Group Inc.’s holdings in Bank of America were worth $7,289,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in BAC. Regent Peak Wealth Advisors LLC boosted its position in Bank of America by 3.2% during the fourth quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock worth $336,000 after purchasing an additional 314 shares in the last quarter. Kennedy Investment Group lifted its position in shares of Bank of America by 0.6% during the 4th quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock valued at $1,953,000 after buying an additional 321 shares in the last quarter. Private Ocean LLC grew its stake in 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 during the period. Selective Wealth Management Inc. increased its holdings in Bank of America by 2.0% in the 4th quarter. Selective Wealth Management Inc. now owns 17,351 shares of the financial services provider’s stock worth $586,000 after acquiring an additional 334 shares in the last quarter. Finally, Legacy Capital Wealth Partners LLC raised its position in Bank of America by 4.0% during the fourth quarter. Legacy Capital Wealth Partners LLC now owns 8,770 shares of the financial services provider’s stock worth $295,000 after acquiring an additional 338 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BAC has been the subject of a number of research reports. JPMorgan Chase & Co. boosted their target price on shares of Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a research note on Wednesday. Morgan Stanley raised Bank of America from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $32.00 to $41.00 in a report on Tuesday, January 30th. 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 research note on Friday, April 19th. UBS Group reissued a “neutral” rating and issued a $40.00 price objective (up from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Finally, 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 research note on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $38.70.

Bank of America Trading Up 1.0 %

Shares of Bank of America stock traded up $0.37 during mid-day trading on Friday, hitting $37.25. The stock had a trading volume of 34,082,662 shares, compared to its average volume of 41,339,492. The firm has a market cap of $291.31 billion, a P/E ratio of 12.89, a price-to-earnings-growth ratio of 1.65 and a beta of 1.37. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm has a 50-day moving average of $36.46 and a two-hundred day moving average of $33.08. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $38.49.

Bank of America (NYSE:BAC) last issued its quarterly earnings data 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 return on equity of 10.88% and a net margin of 13.94%. The company 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 business posted $0.94 earnings per share. The firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. Sell-side analysts forecast that Bank of America Co. will post 3.2 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 2.58%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is 33.22%.

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.