Fort Washington Investment Advisors Inc. OH Lowers Holdings in Bank of America Co. (NYSE:BAC)

Fort Washington Investment Advisors Inc. OH lowered its holdings in shares of Bank of America Co. (NYSE:BAC) by 0.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,909,940 shares of the financial services provider’s stock after selling 42,208 shares during the quarter. Bank of America makes up 1.5% of Fort Washington Investment Advisors Inc. OH’s portfolio, making the stock its 13th biggest holding. Fort Washington Investment Advisors Inc. OH owned approximately 0.08% of Bank of America worth $246,622,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in BAC. Life Planning Partners Inc grew its position in shares of Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 545,936 shares in the last quarter. Graney & King LLC bought a new position in Bank of America during the fourth quarter valued at approximately $25,000. Fairway Wealth LLC purchased a new position in Bank of America during the 4th quarter valued at approximately $29,000. Vega Investment Solutions bought a new stake in Bank of America in the 4th quarter worth approximately $30,000. Finally, Marshall & Sterling Wealth Advisors Inc. bought a new stake in Bank of America in the 4th quarter worth approximately $31,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on BAC. Citigroup cut their target price on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a report on Monday, March 24th. Cfra Research increased their price objective 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 target price on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a report on Tuesday, April 1st. Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $45.00 to $50.00 in a research report on Friday, March 7th. Finally, Oppenheimer reaffirmed an “outperform” rating on shares of Bank of America in a research note on Thursday, May 22nd. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have given a buy rating and four have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $47.69.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $44.72 on Thursday. The firm’s 50 day simple moving average is $41.14 and its 200-day simple moving average is $43.46. 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 firm has a market cap of $336.80 billion, a PE ratio of 13.89, a price-to-earnings-growth ratio of 1.21 and a beta of 1.30.

Bank of America (NYSE:BAC) last released 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 return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. As a group, equities analysts predict that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm 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 $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.33%. Bank of America’s 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.