USS Investment Management Ltd Has $46.88 Million Stake in Bank of America Co. (NYSE:BAC)

USS Investment Management Ltd trimmed its stake in Bank of America Co. (NYSE:BAC) by 1.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,066,076 shares of the financial services provider’s stock after selling 19,746 shares during the period. USS Investment Management Ltd’s holdings in Bank of America were worth $46,881,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in BAC. Regent Peak Wealth Advisors LLC boosted its position in shares of Bank of America by 10.3% during the 4th quarter. Regent Peak Wealth Advisors LLC now owns 11,971 shares of the financial services provider’s stock valued at $526,000 after acquiring an additional 1,116 shares in the last quarter. Cascade Investment Group Inc. boosted its position in shares of Bank of America by 5.8% during the 4th quarter. Cascade Investment Group Inc. now owns 8,443 shares of the financial services provider’s stock valued at $371,000 after acquiring an additional 466 shares in the last quarter. Mandatum Life Insurance Co Ltd boosted its position in Bank of America by 0.6% in the fourth quarter. Mandatum Life Insurance Co Ltd now owns 128,910 shares of the financial services provider’s stock valued at $5,666,000 after buying an additional 800 shares in the last quarter. Annex Advisory Services LLC boosted its position in Bank of America by 4.7% in the fourth quarter. Annex Advisory Services LLC now owns 8,267 shares of the financial services provider’s stock valued at $363,000 after buying an additional 372 shares in the last quarter. Finally, Ellsworth Advisors LLC boosted its position in Bank of America by 8.6% in the fourth quarter. Ellsworth Advisors LLC now owns 47,546 shares of the financial services provider’s stock valued at $2,090,000 after buying an additional 3,745 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Cowen assumed coverage on shares of Bank of America in a research report on Wednesday, May 14th. They issued a “buy” rating on the stock. Cfra Research boosted their price target on shares of Bank of America to $47.00 and gave the company a “buy” rating in a research report on Wednesday, April 16th. Evercore ISI reduced their price target on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 1st. Baird R W upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Finally, UBS Group upped their target price on shares of Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, seventeen have assigned a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $47.50.

Bank of America Stock Up 0.1%

Shares of NYSE:BAC opened at $44.74 on Tuesday. Bank of America Co. has a 52 week low of $33.07 and a 52 week high of $48.08. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market capitalization of $336.98 billion, a PE ratio of 13.89, a PEG ratio of 1.21 and a beta of 1.27. The company has a 50 day moving average price of $40.13 and a two-hundred day moving average price of $43.59.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date is Friday, June 6th. Bank of America’s dividend payout ratio is currently 30.95%.

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.