Shufro Rose & Co. LLC Sells 945 Shares of Bank of America Co. (NYSE:BAC)

Shufro Rose & Co. LLC reduced its stake in shares of Bank of America Co. (NYSE:BAC) by 1.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 50,904 shares of the financial services provider’s stock after selling 945 shares during the quarter. Shufro Rose & Co. LLC’s holdings in Bank of America were worth $2,237,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Bank of America by 4.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider’s stock valued at $173,168,000 after acquiring an additional 173,021 shares in the last quarter. OFI Invest Asset Management bought a new stake in Bank of America during the 4th quarter valued at approximately $60,679,000. Arizona State Retirement System boosted its position in Bank of America by 0.5% during the 4th quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider’s stock valued at $89,150,000 after acquiring an additional 10,377 shares in the last quarter. Keybank National Association OH boosted its position in Bank of America by 1.1% during the 4th quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock valued at $152,006,000 after acquiring an additional 38,258 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Bank of America by 0.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider’s stock valued at $1,886,769,000 after acquiring an additional 297,858 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently commented on BAC shares. Barclays dropped their price target on Bank of America from $58.00 to $54.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $45.00 to $50.00 in a research report on Friday, March 7th. UBS Group boosted their price target on Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, April 16th. TD Cowen started coverage on Bank of America in a research report on Thursday, May 15th. They issued a “buy” rating and a $53.00 price target on the stock. Finally, Royal Bank of Canada dropped their price target on Bank of America from $50.00 to $45.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have issued a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $47.50.

Bank of America Stock Performance

BAC stock opened at $43.20 on Friday. The stock has a market capitalization of $325.38 billion, a PE ratio of 13.42, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock’s 50 day simple moving average is $40.34 and its 200 day simple moving average is $43.60. Bank of America Co. has a 12-month low of $33.07 and a 12-month high of $48.08.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.10. The business had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. As a group, research analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be paid a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.41%. Bank of America’s dividend payout ratio is presently 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.