Oder Investment Management LLC Cuts Holdings in Bank of America Co. (NYSE:BAC)

Oder Investment Management LLC reduced its position in Bank of America Co. (NYSE:BAC) by 5.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 29,899 shares of the financial services provider’s stock after selling 1,591 shares during the quarter. Bank of America comprises about 1.0% of Oder Investment Management LLC’s investment portfolio, making the stock its 29th biggest position. Oder Investment Management LLC’s holdings in Bank of America were worth $1,007,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Barclays PLC grew its stake in shares of Bank of America by 97.3% during the third quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock valued at $1,130,538,000 after acquiring an additional 20,362,295 shares in the last quarter. Alphinity Investment Management Pty Ltd grew its stake in shares of Bank of America by 1,071.8% during the fourth quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock valued at $474,150,000 after acquiring an additional 12,880,492 shares in the last quarter. Darsana Capital Partners LP acquired a new stake in shares of Bank of America during the third quarter valued at about $177,970,000. Canada Pension Plan Investment Board grew its stake in shares of Bank of America by 143.5% during the third quarter. Canada Pension Plan Investment Board now owns 10,659,309 shares of the financial services provider’s stock valued at $291,852,000 after acquiring an additional 6,281,690 shares in the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC acquired a new position in Bank of America in the third quarter worth about $168,610,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. BMO Capital Markets lifted their price target on Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research note on Thursday, April 18th. HSBC reiterated a “hold” rating and issued a $39.00 price target (up from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $32.00 to $41.00 in a research note on Tuesday, January 30th. Keefe, Bruyette & Woods lifted their price target on Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a research note on Friday, April 5th. Finally, Citigroup lifted their target price on Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, March 20th. One investment 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, the company currently has an average rating of “Hold” and a consensus price target of $38.59.

Bank of America Price Performance

Shares of NYSE:BAC traded down $0.08 on Wednesday, reaching $36.93. 9,592,161 shares of the company traded hands, compared to its average volume of 40,740,930. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $38.49. The company’s 50 day moving average is $36.26 and its 200-day moving average is $32.95. The stock has a market capitalization of $291.40 billion, a PE ratio of 12.81, a P/E/G ratio of 1.68 and a beta of 1.39. 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 announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The company had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.94 EPS. As a group, analysts anticipate that Bank of America Co. will post 3.19 earnings per share for the current fiscal year.

Bank of America Announces Dividend

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 issued a $0.24 dividend. 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 2.60%. Bank of America’s payout ratio is currently 33.22%.

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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.