Sanibel Captiva Trust Company Inc. Has $9.67 Million Position in Bank of America Co. (NYSE:BAC)

Sanibel Captiva Trust Company Inc. decreased its holdings in Bank of America Co. (NYSE:BAC) by 2.9% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 231,683 shares of the financial services provider’s stock after selling 6,911 shares during the quarter. Sanibel Captiva Trust Company Inc.’s holdings in Bank of America were worth $9,668,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Bank of America by 4.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider’s stock valued at $173,168,000 after purchasing an additional 173,021 shares in the last quarter. OFI Invest Asset Management bought a new position in shares of Bank of America during the 4th quarter worth approximately $60,679,000. Arizona State Retirement System boosted its stake in Bank of America by 0.5% in 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 buying an additional 10,377 shares in the last quarter. Gradient Investments LLC grew its position in Bank of America by 7.8% in the first quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider’s stock valued at $29,061,000 after acquiring an additional 50,296 shares during the period. Finally, Keybank National Association OH raised its stake in Bank of America by 1.1% during the fourth quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock worth $152,006,000 after acquiring an additional 38,258 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

BAC has been the topic of several recent analyst reports. Argus reduced their target price on shares of Bank of America from $53.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, April 16th. Wall Street Zen downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. Royal Bank of Canada decreased their price objective on shares of Bank of America from $50.00 to $45.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 16th. Baird R W raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. Finally, Oppenheimer reiterated an “outperform” rating on shares of Bank of America in a research note on Thursday, May 22nd. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have given a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $47.50.

Bank of America Price Performance

Shares of BAC opened at $44.93 on Tuesday. The stock has a market cap of $338.41 billion, a P/E ratio of 13.95, a price-to-earnings-growth ratio of 1.21 and a beta of 1.30. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08. The stock’s 50-day moving average price is $40.78 and its two-hundred day moving average price is $43.44. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last announced its quarterly 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 for the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. On average, equities analysts predict 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. Stockholders of record on Friday, June 6th will be given 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 dividend yield of 2.31%. Bank of America’s dividend payout ratio is 30.95%.

Bank of America 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.