Bank of America Co. (NYSE:BAC) Shares Sold by Leonard Rickey Investment Advisors P.L.L.C.

Leonard Rickey Investment Advisors P.L.L.C. lessened its holdings in Bank of America Co. (NYSE:BAC) by 7.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,772 shares of the financial services provider’s stock after selling 573 shares during the period. Leonard Rickey Investment Advisors P.L.L.C.’s holdings in Bank of America were worth $283,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Geode Capital Management LLC increased its position in Bank of America by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider’s stock worth $6,243,000,000 after purchasing an additional 2,033,229 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Bank of America by 10.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock worth $5,381,126,000 after purchasing an additional 11,691,451 shares during the last quarter. Norges Bank acquired a new stake in shares of Bank of America during the 4th quarter worth about $5,226,989,000. Capital World Investors grew its holdings in shares of Bank of America by 23.9% during the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock worth $3,876,853,000 after buying an additional 17,031,143 shares in the last quarter. Finally, Northern Trust Corp raised its position in shares of Bank of America by 17.2% in the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock valued at $2,985,785,000 after buying an additional 9,980,859 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Trading Up 0.5%

NYSE BAC opened at $45.11 on Wednesday. The firm has a market capitalization of $339.73 billion, a price-to-earnings ratio of 14.01, a PEG ratio of 1.21 and a beta of 1.30. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. Bank of America Co. has a one year low of $33.07 and a one year high of $48.08. The company’s 50 day moving average price is $40.93 and its 200 day moving average price is $43.46.

Bank of America (NYSE:BAC) last released 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 analyst estimates of $26.83 billion. On average, sell-side analysts predict that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.31%. Bank of America’s dividend payout ratio is currently 30.95%.

Analyst Ratings Changes

Several equities analysts recently issued reports on BAC shares. Baird R W raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. Cowen started coverage on Bank of America in a research note on Wednesday, May 14th. They set a “buy” rating on the stock. UBS Group raised their price objective on Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, April 16th. Cfra Research upped their target price on Bank of America to $47.00 and gave the company a “buy” rating in a research note on Wednesday, April 16th. Finally, TD Cowen started coverage on Bank of America in a research report on Thursday, May 15th. They set a “buy” rating and a $53.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have assigned a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $47.69.

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.