Integrated Advisors Network LLC Cuts Stock Holdings in Bank of America Co. (NYSE:BAC)

Integrated Advisors Network LLC trimmed its stake in shares of Bank of America Co. (NYSE:BAC) by 41.7% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 97,698 shares of the financial services provider’s stock after selling 69,881 shares during the period. Integrated Advisors Network LLC’s holdings in Bank of America were worth $4,077,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of BAC. Geode Capital Management LLC grew its stake in shares of Bank of America by 1.4% in 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 buying an additional 2,033,229 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Bank of America by 10.6% in 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 buying an additional 11,691,451 shares in the last quarter. Norges Bank purchased a new position in shares of Bank of America in the 4th quarter worth $5,226,989,000. Capital World Investors grew its stake in shares of Bank of America by 23.9% in the 4th 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 grew its stake in shares of Bank of America by 17.2% in the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock worth $2,985,785,000 after buying an additional 9,980,859 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. 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. Oppenheimer reissued an “outperform” rating on shares of Bank of America in a research note on Thursday, May 22nd. Phillip Securities upgraded shares of Bank of America from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, April 17th. Cfra Research raised their target price on shares of Bank of America to $47.00 and gave the stock a “buy” rating in a report on Wednesday, April 16th. Finally, Robert W. Baird upgraded shares of Bank of America from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $45.00 to $50.00 in a report on Friday, March 7th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have given 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 a consensus target price of $47.69.

Bank of America Trading Up 0.5%

NYSE:BAC opened at $45.11 on Wednesday. Bank of America Co. has a one year low of $33.07 and a one year 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 firm has a market cap of $339.73 billion, a P/E ratio of 14.01, a P/E/G ratio of 1.21 and a beta of 1.30. The firm has a 50-day simple moving average of $40.93 and a 200-day simple moving average of $43.46.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 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 firm had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Equities analysts anticipate that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm 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 2.31%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s dividend payout ratio (DPR) 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.